Refer to the data for Upland Limited in BE13-3. Assuming that Upland uses reversing entries, prepare the
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IN BE
Upland Limited borrowed $40,000 on November 1, 2011, by signing a $40,000, three-month, 9% note. Prepare Upland’s November 1, 2011 entry; the December 31, 2011 annual adjusting entry; and the February 1, 2012 entry.
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Related Book For
Intermediate Accounting
ISBN: 978-0470161012
9th Canadian Edition, Volume 2
Authors: Donald E. Kieso, Jerry J. Weygandt, Terry D. Warfield.
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