Farmer corporation borrowed 280000 on november 1 2009. the, Ask an Expert

Accounting

Farmer Corporation borrowed $280,000 on November 1, 2009. The note carried a 10 percent interest rate with the principal and interest payable on June 1, 2010. Prepare the journal entry to record the note on November. Prepare the adjusting entry to record accrued interest on December 31.

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Accounting Basics, Accounting

Category:- Accounting Basics
Reference No.:- M9435672

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