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On October 1, Steve's Carpet Service Borrows $350,000 from First

Question 164

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On October 1, Steve's Carpet Service borrows $350,000 from First National Bank on a 3-month, $350,000, 8% note.What entry must Steve's Carpet Service make on December 31 before financial statements are prepared? On October 1, Steve's Carpet Service borrows $350,000 from First National Bank on a 3-month, $350,000, 8% note.What entry must Steve's Carpet Service make on December 31 before financial statements are prepared?

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