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How do prepare the journal entry to record accrued interest

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Cullumber Ltd. borrows £106,200 on July 1 from the bank by signing a £106,200, 13%, one-year note payable

Problem 1: Prepare the journal entry to record the proceeds of the note.

Problem 2: Prepare the journal entry to record accrued interest at December 31, assuming adjusting entries are made only at the end of the year.

Reference no: EM132778448

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