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Journalize the accrual on December

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Question - Benjamin Co. borrowed money on September 1, 2020. The loan had the following terms. Length: 7 years Interest: 8% Amount: $50,000 Payments per year: 1. Benjamin Co. has a year end of December 31. Journalize the accrual on December 31 and the 1st payment on Aug 31, 2021?

Reference no: EM132920896

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