Question
XYZ company borrowed $28,000 on December 1, 2011, by issuing a two-month, 7 percent note payable to Service One Credit Union. The entire amount of
XYZ company borrowed $28,000 on December 1, 2011, by issuing a two-month, 7 percent note payable to Service One Credit Union. The entire amount of the loan, plus interest, is due February 1, 2012 3. Prepare the necessary adjusting entry for interest expense on December 31, 2011. b. Record the repayment of the loan plus interest on February 1, 2012
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Principles Of Fraud Examination
Authors: Joseph T Wells
2nd Edition
0470128836, 9780470128831
