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On Nov. 30, 2011, Harry's Co. borrowed $150,000 cash by signing a 90-day, 8% note payable with a face value $150,000. Prepare the journal entry
On Nov. 30, 2011, Harry's Co. borrowed $150,000 cash by signing a 90-day, 8% note payable with a face value $150,000. Prepare the journal entry for this transaction. Compute the accrued interest payable on Dec. 31, 2011. Prepare the journal entry to record the accrued interest expense on Dec. 31, 2011. Prepare the journal entry to record payment of the note at maturity on Feb. 28, 2012
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