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signed a three-month, zero-interest-bearing note on November 1, 2010 for the purchase of $150,000 of inventory. The face value of the note was $152,205. Assuming Glaus used a "Discount on Note Payable" account to initially record the note and that the discount will be amortized equally over the 3-month period, what the adjusting entry made at December 31, 2010 will include?

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Accounting Basics, Accounting

Category:- Accounting Basics
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