Question: Wygant Corporation borrowed 290 000 on October 1 2014 The note
Wygant Corporation borrowed $290,000 on October 1, 2014. The note carried a 10 percent interest rate with the principal and interest payable on May 1, 2015. Prepare the journal entry to record the note on October 1. Prepare the adjusting entry to record accrued interest on December 31.
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