Question: For the following, prepare a correcting entry, showing your work. Your final answer must be ONE journal entry. If a problem asks for impact to

For the following, prepare a correcting entry, showing your work. Your final answer must be ONE journal entry. If a problem asks for impact to the financial statements, you must address Revenue/Expense, Net Income, and Assets/Liabilities. 3. A $25,000, 8%, 10-month note is assumed by your company October 1. At the time the note was assumed, they DR Cash and CR Notes Payable. If no adjusting entry was made at year-end, what is your correcting entry

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