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On October 1, 2020, management borrowed $ 500,000 on a nine-month, three-percent. On July 1, 2021, management repaid the note and accrued interest. Required:
On October 1, 2020, management borrowed $ 500,000 on a nine-month, three-percent. On July 1, 2021, management repaid the note and accrued interest. Required: Prepare the adjusting journal entry on December 31, 2020, assuming the company's year-end is December 31. Required: Prepare the journal entry on July 1, 2021, assuming the company's year-end is December 31.
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Intermediate Accounting
Authors: Donald E. Kieso, Jerry J. Weygandt, Terry D. Warfield, Nicola M. Young, Irene M. Wiecek, Bruce J. McConomy
10th Canadian Edition Volume 2
1118300858, 978-1118300855
