On November 7, Mura Company borrows $160,000 cash by signing a 90-day, 8%, $160,000 note payable. (1)

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On November 7, Mura Company borrows $160,000 cash by signing a 90-day, 8%, $160,000 note payable.

(1) Compute the accrued interest payable on December 31;

(2) Prepare the journal entry to record the accrued interest expense at December 31; and

(3) Prepare the journal entry to record payment of the note at maturity on February 5.

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Financial Accounting Information For Decisions

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10th Edition

Authors: John J. Wild

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On November 7, Mura Company borrows $160,000 cash by signing a 90-day, 8%, $160,000 note payable. (1)

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Financial Accounting Information For Decisions

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