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On June 1, Fancher Company Ltd. borrows $60,000 from First Bank on a 6-month, $60,000, 8% note. The note matures on December 1. Prepare the

On June 1, Fancher Company Ltd. borrows $60,000 from First Bank on a 6-month, $60,000, 8% note. The note matures on December 1.

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Prepare the adjusting entry on June 30.

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Prepare the entry at maturity (December 1), assuming monthly adjusting entries have been made through November 30.

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What was the total financing cost (interest expense)?_______________

Prepare the entry on June 1. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) Date Account Titles and Explanation June 1 Debit Credit

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