Question
On Oct 1, $10,000 is borrowed from a bank. The promissory note has a 9 month term, with an interest rate of 12%. With a
On Oct 1, $10,000 is borrowed from a bank. The promissory note has a 9 month term, with an interest rate of 12%. With a year-end of Dec. 31, the adjusting entry to accrue interest expense would be
$300
none, no adjusting entry would be required
$900
$1,200
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Intermediate Microeconomics
Authors: Hal R. Varian
9th edition
978-0393123975, 393123979, 393123960, 978-0393919677, 393919676, 978-0393123968
