Becky Company borrows $60,000 on July 1 from the bank by signing a $60,000, 10%, one-year note
Question:
(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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a July 1 Cash 60000 No...View the full answer
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Related Book For 
Financial and managerial accounting
ISBN: 978-1118016114
1st edition
Authors: Jerry J. Weygandt, Paul D. Kimmel, Donald E. Kieso
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