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Hull Company purchased equipment on November 1, 2019 and gave a 3- month, 6% note with a face value of $20,000. Assume the accounting .(period
Hull Company purchased equipment on November 1, 2019 and gave a 3- month, 6% note with a face value of $20,000. Assume the accounting .(period is one year (1/1 to 31/12 The December 31, 2019 adjusting entry is debit Interest Expense and credit O .Interest Payable, $1,200 debit Interest Expense and credit O .Interest Payable, $300 debit Interest Expense and credit O Cash, $200 debit Interest Expense and credit O Interest Payable, $200
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