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help me!!! On November 1, Alan Company signed a 120-day, 8% note payable, with a face value of $9,000. What is the adjusting entry for
help me!!!
On November 1, Alan Company signed a 120-day, 8% note payable, with a face value of $9,000. What is the adjusting entry for the accrued interest at December 31 on the note? (Use 360 days a year.) Multiple Choice Debt interest Payable, \$120, credit interest Expense, \$120 Debit interest Payab6, \$240, credit interest Expense, $240 Debit interest Expense, \$120; credit interest Payable, \$120 Dobit interest Expense, \$720; credit interest Payable, $720. No adjusting entry is required Step by Step Solution
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