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The correct answer is shown. On November 1, wright Co. borrowed $20,000 cash from Third Bank by signing a 90-day, 6% interest- bearing note. On
The correct answer is shown. On November 1, wright Co. borrowed $20,000 cash from Third Bank by signing a 90-day, 6% interest- bearing note. On December 31, Wright recorded an adjusting entry to interest expense of $200. On January 30, the due date of the note, Wright will record the payment with a debit to Interest Expense in the amount of $100
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