Question: On December 1 , Exeter Corporation borrowed $ 3 0 , 0 0 0 on a 6 month, 5 % note. Prepare the entries to

On December 1, Exeter Corporation borrowed $30,000 on a 6 month, 5% note. Prepare the entries to record the issuance of the note, the accrual of interest at fiscal year end 12/31, and the payment of the note.

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