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Annual adjusting entry

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1. Upland Company borrowed $40,000 on November 1, 2010, by signing a $40,000, 9%, 3-month note. Prepare Upland's November 1, 2010, entry; the December 31, 2010, annual adjusting entry; and the February 1, 2011, entry.

Reference no: EM131115470

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Annual adjusting entry : Upland Company borrowed $40,000 on November 1, 2010, by signing a $40,000, 9%, 3-month note. Prepare Upland’s November 1, 2010, entry; the December 31, 2010, annual adjusting entry; and the February 1, 2011, entry.
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