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Kwon Co. borrows $115,000 cash on December 1, 2011, by signing a 90-day, 9% note with a face value of $115,000.
(a)Prepare journal entries to record issuance of the note.
(b)Prepare journal entries to record accrual of interest at the end of 2011
(c)Prepare journal entries to record payment of the note at maturity
(a)Prepare journal entries to record issuance of the note.
(b)Prepare journal entries to record accrual of interest at the end of 2011
(c)Prepare journal entries to record payment of the note at maturity
Interest-bearing notes payable with year-end adjustments?
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