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Problem 3 (6 points) The Carolina House Restaurant borrowed $30,000 at 14% from a bank for three months on December 1, 20X3. Required: Prepare the
Problem 3 (6 points)
The Carolina House Restaurant borrowed $30,000 at 14% from a bank for three months on December 1, 20X3.
Required:
- Prepare the journal entry for December 1. 20X3
- Prepare the adjusting entry for December 31, 20X3
- Prepare the entry for the payment of the principal and interest on the note for March 1, 20X4
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Financial Accounting Theory
Authors: Craig Deegan
3rd Edition
0070277265, 978-0070277267
