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On June 1, Sheridan Company Ltd. borrows $48,000 from Acme Bank on a 6-month, $48,000, 896 note. The note matures on December 1. Prepare the
On June 1, Sheridan Company Ltd. borrows $48,000 from Acme Bank on a 6-month, $48,000, 896 note. The note matures on December 1. 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 Prepare the adjusting entry on June 30. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) Date Account Titles and Explanation June 30 Debit Credit Prepare the entry at maturity (December 1), assuming monthly adjusting entries have been made through November 30. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) Date Account Titles and Explanation Dec. 1 Credit
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