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Recording Accrued Interest Expense Alaska Inc. borrowed $10,000 by signing a one-year note payable on November 1, 2020. The note bears interest at 10% and
Recording Accrued Interest Expense Alaska Inc. borrowed $10,000 by signing a one-year note payable on November 1, 2020. The note bears interest at 10% and interest is payable upon maturity of the note. a. Record this financing transaction on November 1, 2020. b. Record the year-end adjusting entry required on December 31, 2020. Mint: Prorate the annual interest of 10% for two months c Record the entry to repay the note on November 1, 2021 Note: Round your answers to the nearest dollar. For example, enter 50 for 50.49 and enter 51 for 50.5. General Journal Account Name Ret Cr. . . Dr. 0 0 0 0 10,000 0 0 0 O . 0 0 0 Interest Expense 0 Check
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