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On December 1, 2022, HEMI obtained a $10,000,000 five-year loan with annual equal principal repayments of $2,000,000 due November 30 of each year. Interest
On December 1, 2022, HEMI obtained a $10,000,000 five-year loan with annual equal principal repayments of $2,000,000 due November 30 of each year. Interest at 5% per year is payable annually with the principal repayment. HEMI has not paid any amounts on this loan in the October 31, 2023 fiscal year. HEMI's Accountant asks you: a. Provide October 31, 2023, adjusting journal entry to record interest owing on the loan
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Comparative international accounting
Authors: Christopher nobes, Robert parker
9th Edition
273703579, 978-0273703570
