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On June 30, 2006, Cimmaron Co. purchased $8,000 of inventory on a 1-year, 9% note payable. Journalize the company's (a) accrual of interest expense on

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On June 30, 2006, Cimmaron Co. purchased $8,000 of inventory on a 1-year, 9% note payable. Journalize the company's (a) accrual of interest expense on December 31, 2006, and (b) payment of the note plus inter- est on June 30, 2007. (pp. 551-552)

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