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On September 1, Year 1, Select Company borrowed $600,000 from a bank and signed a 12%, six-month note payable, with interest on the note due
On September 1, Year 1, Select Company borrowed $600,000 from a bank and signed a 12%, six-month note payable, with interest on the note due at maturity. Assume Select made no adjusting entry with respect to this note before preparing the financial statements at December 31, Year 1. What is the effect of this error on the financial statements for Year 1
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Introduction to Managerial Accounting
Authors: Peter C. Brewer, Ray H. Garrison, Eric Noreen, Suresh Kalagnanam, Ganesh Vaidyanathan
5th Canadian edition
77429494, 1259105709, 1260480798, 978-1259105708
