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On September 1, 2015, Auto Inc. borrows $10,000 to purchase lab equipment, by issuing a 6- month, 4%, note payable. The interest is payable monthly
On September 1, 2015, Auto Inc. borrows $10,000 to purchase lab equipment, by issuing a 6- month, 4%, note payable. The interest is payable monthly on the first of each month, starting on October 1, 2015. Prepare the adjusting entry on Dec. 31, 2015. Show the effect on elements of the financial statements
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Survey of Accounting
Authors: Thomas P. Edmonds, Frances M. McNair, Philip R. Olds, Bor Yi
3rd Edition
978-1259683794, 77490835, 1259683796, 9780077490836, 978-0078110856
