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Question in Accounting Leisure Travel borrowed $100,000 on Oct 1st by signing a note payable to First State Bank. The interest expense for each month
Question in Accounting
Leisure Travel borrowed $100,000 on Oct 1st by signing a note payable to First State Bank. The interest expense for each month is $800. The loan agreement requires Leisure to pay interest on Dec 31st. 1. Make Frist State Bank's adjusting entry to accrue monthly interest revenue at Oct 31st, at Nov 30th, and at Dec 31st. Date each entry and include its explanationStep by Step Solution
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