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On October 1, Bramble Computers borrows $87000 from Small Town Bank on a $87000, 3-month, 6% note. Assuming interest was accrued at December 31, the
On October 1, Bramble Computers borrows $87000 from Small Town Bank on a $87000, 3-month, 6% note. Assuming interest was accrued at December 31, the entry by Bramble Computers to record payment of the note and accrued interest on January 1 is: Notes Payable 87000 Interest Payable 1305 Cash 88305 Notes Payable 87000 Interest Expense 1305 Cash 88305 Notes Payable 87000 Interest Payable 5220 Cash 92220 Notes Payable 88305 SUPPORT Cash 88305
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