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Business, 14.12.2019 07:31 getsic

Crane company borrows $50,600 on july 1 from the bank by signing a $50,600, 11%, one-year note payable. (a) prepare the journal entry to record the proceeds of the note. (b) prepare the journal entry to record accrued interest at december 31, assuming adjusting entries are made only at the end of the year.

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Crane company borrows $50,600 on july 1 from the bank by signing a $50,600, 11%, one-year note payab...
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