Brewers Company agrees to lend Cubs Company $3,480,000 on September 1, 2023. Cubs Company signs a...
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Brewers Company agrees to lend Cubs Company $3,480,000 on September 1, 2023. Cubs Company signs a $3,480,000, 5%, 36-month note. Assume Cubs Company accrues interest monthly and that all interest is due at maturity. What entry should Cubs Company record on September 1, 2023? Answer should be expressed as: DR (ACCOUNT NAME) $X.XXX CR (ACCOUNT NAME) $X,XXX No dates or explanations are needed. Brewers Company agrees to lend Cubs Company $3,480,000 on September 1, 2023. Cubs Company signs a $3,480,000, 5%, 36-month note. Assume Cubs Company accrues interest monthly and that all interest is due at maturity. What entry should Cubs Company record on September 1, 2023? Answer should be expressed as: DR (ACCOUNT NAME) $X.XXX CR (ACCOUNT NAME) $X,XXX No dates or explanations are needed.
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