On september 1 2011 select company borrowed 600000 from a, Ask an Expert

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On September 1, 2011, Select Company borrowed $600,000 from a bank and signed a 12%, six-month note payable, with interest on the note due at maturity.

Assume Select made no adjusting entry with respect to this note before preparing the financial statements at December 31, 2011. What is the effect of this error on the financial statements for 2011?

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Accounting Basics, Accounting

Category:- Accounting Basics
Reference No.:- M9989924

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