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Prepare any adjusting entries necessary on june

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Question - On 1 March, Holden Ltd borrows $90 000 from Old Victoria State Bank by signing a 6-month, 9%, interest-bearing bill. The Bill is a maturity bill.

Required - Prepare the necessary entries below associated with the bill payable on the books of Holden Ltd.

March 1 Prepare the entry on 1 March when the bill was issued.

June 30 Prepare any adjusting entries necessary on 30 June in order to prepare the semiannual financial statements. Assume no other interest accrual entries have been made.

Sept 1 Prepare the entry to record payment of the bill at maturity.

Reference no: EM133140588

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