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Question # 2 Prepare the necessary journal entries for the following transactions: (a)On September 1, Draper Company borrowed $180,000 from Dixion County Bank on a

Question # 2

Prepare the necessary journal entries for the following transactions:

(a)On September 1, Draper Company borrowed $180,000 from Dixion County Bank on a 6-month, 8% note.

(b)On December 31, Draper Company accrued interest (assume adjusting entries are only made at the end of the year).

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