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xercise 4 - Your Company uses the 360 day convention. a) On 12/20/21 Your Co. loaned I Co. $9000 on a 12% 90 day
xercise 4 - Your Company uses the 360 day convention. a) On 12/20/21 Your Co. loaned I Co. $9000 on a 12% 90 day note. Record the journal entries at issuance, year end, and maturity. Assume interest is paid at maturity and the 360 day convention is used. X Date 12/20/21 12/31/21 General Journal Account/Explanation PR Debit Credit X X X X (I Co. $9000 12% 90 day note) (Accrue interest) X X X X X X X X X X X X (Maturity of note)
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