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How much is the monthly interest expense

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Question - Micro soft adjusts its accounts monthly and closes its account on year end December 31, 2020. On October 31, 2020, Microsoft signed a note payable and borrowed $150,000 from a bank at an annual interest rate of 6 percent.

1. How much is the total interest expense over the life of note?

2. How much is the monthly interest expense?

3. Which amount of interest expense is shown in an adjusting entry? Which amount of interest expense is shown in closing entry?

Reference no: EM133005132

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