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Issuing a non-interest-bearing note

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Dash Ltd. bought inventory on January 1, 20X1 by issuing a non-interest-bearing note payable with a maturity amount of $105,000 due on December 31, 20X1 recording a debit to inventory and a credit to note payable for $105,000 and when paying off the note at the end of the year, debited the note payable and credited cash for $105,000. Prepare one journal entry dated December 31, 20X1 to adjust accounts mentioned above to their correct balances. Market interest rate is 5%

Reference no: EM133234354

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