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On July 1, Sam's Ski Shop buys equipment for $18,000 on a 9-month note with annual interest of 10%. The note is payable in full

On July 1, Sam's Ski Shop buys equipment for $18,000 on a 9-month note with annual interest of 10%. The note is payable in full at the end of the 9 month period. Record the adjusting entry for accrued interest as of December 31st: What is the principal balance of the note? How many months of interest do we need to account for? Calculate the interest on the loan

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