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Cullumber Company borrows $58,400 on July 1 from the bank by signing a $58,400, 11%, one-year note payable. (a) Prepare the journal entry to record
Cullumber Company borrows $58,400 on July 1 from the bank by signing a $58,400, 11%, one-year note payable.
| (a) | Prepare the journal entry to record the proceeds of the note. | |
| (b) | Prepare the journal entry to record accrued interest at December 31, assuming adjusting entries are made only at the end of the year. |
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Cost Management Strategies For Business Decisions
Authors: Ronald Hilton, Michael Maher, Frank Selto
3rd Edition
0072830085, 978-0072830088
