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Having trouble preparing adjusting entries and reversing Two notes payable exist at year-end. For notes with terms exceeding one year, interest is payable annually, on

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Two notes payable exist at year-end. For notes with terms exceeding one year, interest is payable annually, on the anniversary date of the note (e.g., the interest for the first year for note payable A is due on 4/1/x5, etc.) For notes with terms less than one year, full interest is paid when the note is due. Note payable A-dated: 4/1/x4 Principal Term of note: Stated interest rate: 1 5% 5) $24,000 4 years Note Payable B - dated: Principal Term of note: stated interest rate: 8/1/x5 $33,000 8 months %

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