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Bonita Company borrows 60,000 on July 1 from the bank by signing a 60,000, 10%, one...

Bonita Company borrows 60,000 on July 1 from the bank by signing a 60,000, 10%, one year note payable.

prepare the journal entry to record the proceeds of the note.

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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Answer #1
DateGeneral JournalDebitCredit
July 1Cash60000


     Notes Payable
60000





December 31Interest expense3000
=60000*10%*6/12

      Interest payable
3000



answered by: Musk Elon
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