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QUESTION 1 (a) [4 MARKS] On May 1, 2020 Dunlin Development Company borrows $300,000 from Merchants and Marine Bank by signing an 8-month, 8% note.

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QUESTION 1 (a) [4 MARKS] On May 1, 2020 Dunlin Development Company borrows $300,000 from Merchants and Marine Bank by signing an 8-month, 8% note. REQUIRED: 1) Prepare the entry on May 1. (1 Mark 2) Prepare the adjusting entry on May 31. [1 Mark 3) Prepare the entry at maturity (January 1, 2021), assuming monthly adjusting entries have been made through December 31, 2020. [2 Marks

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