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Question 37 1 p Guardian Bank lends Security Company $80,000 on November 1. Security Company signs a $80,000, 6%, 4-month note. The fiscal year
Question 37 1 p Guardian Bank lends Security Company $80,000 on November 1. Security Company signs a $80,000, 6%, 4-month note. The fiscal year end of Security Company is December 31. The journal entry made by Security Company on December 31 is: debit Interest Payable and credit Interest Expense for $800. debit Interest Expense and credit Cash for $800. debit Interest Expense and credit Interest Payable for $800. debit Interest Payable and credit Cash for $800.
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