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On June 1, Blossom Company Ltd. Borrows $78000 from Acme Bank on a 6-month, 78000, 8% note. The note matures on December 1. Prepare the
On June 1, Blossom Company Ltd. Borrows $78000 from Acme Bank on a 6-month, 78000, 8% note. The note matures on December 1. Prepare the entry at maturity (December 1), assuming monthly adjusting entries have been made through November 30.
So far I put this in the journal and got it right. I need help figuring out the 4 empty sections for the Debit and Credit section.
Dec. 1
Notes Payable Debit(78000) Credit
Interest Payable ? ?
Cash. ? ?
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