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A Company Borrowed $100,000 from Better Bank on November 1

Question 178

Essay

A company borrowed $100,000 from Better Bank on November 1, 2019. The terms of the loan (note) is 6% interest due in 4 months.
A)Prepare the necessary journal entry on November 1, 2019, to record the loan.
B)Prepare the necessary adjusting entry for this loan on December 31, 2019.

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