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Note Payable and Accrued Interest Fairborne Company borrowed $600,000 on an 8%, interest-bearing note on October 1, 2013. Fairborne ends its fiscal year on December
Note Payable and Accrued Interest
Fairborne Company borrowed $600,000 on an 8%, interest-bearing note on October 1, 2013. Fairborne ends its fiscal year on December 31. The note was paid with interest on May 1, 2014.
Prepare the entry to record the repayment of the note on May 1, 2014. If an amount box does not require an entry, leave it blank.
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