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On June 1, Edison Company borrowed $36,000 on a one-year Note Payable with an interest rate of 10% per year. It will repay the principal

On June 1, Edison Company borrowed $36,000 on a one-year Note Payable with an interest rate of 10% per year. It will repay the principal and interest at the end of the one-year period. The company makes accrual adjustments at the end of each month. The company should record interest expense of $3,600 on June 30. True False

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