Borrowed $75,000 from the Shankey Bank by signing a 12-month, zero-interest-bearing $81,000 note. Now, you need to

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Borrowed $75,000 from the Shankey Bank by signing a 12-month, zero-interest-bearing $81,000 note. Now, you need to record the Dec 31 interest that has accrued on the loan from Oct. 1. What is the journal entry?

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Financial Reporting and Analysis

ISBN: 978-1259722653

7th edition

Authors: Lawrence Revsine, Daniel Collins, Bruce Johnson, Fred Mittelstaedt, Leonard Soffer

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Posted Date: Mar 11, 2024 02:56 AM

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Borrowed $75,000 from the Shankey Bank by signing a 12-month, zero-interest-bearing $81,000 note. Now, you need to

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When interest accrues on a loan it needs to be recorded in the accounting re... View the full answer

Financial Reporting and Analysis

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