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Credit Debit $3,000 3,000 1,200 Cash Equipment Prepaid Insurance Accounts Payable Unearned Revenue Notes Payable Common Stock Service Revenue Dividends Total $2,000 2,000 6,000 2,200
Credit Debit $3,000 3,000 1,200 Cash Equipment Prepaid Insurance Accounts Payable Unearned Revenue Notes Payable Common Stock Service Revenue Dividends Total $2,000 2,000 6,000 2,200 1,000 6,000 $13,200 $13,200 An analysis of the accounts shows the following end of month adjustments. For each transaction, find correct journal entries. At the end of month, interest related to Notes Payable (3 month note, $6,000, annual interest rate 10%) has not recorded yet. Payment (principal + interest) is not due yet. O Debit: interest expense $150 Credit: interest payable $150 Debit: interest expense $50 Credit: interest payable $50 Debit: interest receivable $50 Credit: interest income $50 O Debit: interest receivable $150 Credit: interest income $150
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