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Muscat Company borrowed OMR120,000 from the bank signing a 9%, 3-month note on July 1. the adjusting entry that the company should make for interest
Muscat Company borrowed OMR120,000 from the bank signing a 9%, 3-month note on July 1. the adjusting entry that the company should make for interest on September 30, would be Select one: a. Debit Interest Expense, OMR 900; Credit Interest Payable, OMR 900. b. Debit Interest Expense, OMR 2700; Credit Interest Payable, OMR 2700. c. Debit Note Payable, OMR 900; Credit Cash, OMR 900. d. None of the answers are correct e. Debit Cash, OMR 2700; Credit Interest Payable, OMR 2700
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