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Prepare December adjusting entries for English Corporation

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Question - Prepare December 31, 2013, adjusting entries for English Corporation for each of the following items: English borrowed $40,000 from its bank on May 1, 2013. The entry recorded at that time included a credit to notes payable for $40,000. No payments are due until 2014. The annual interest rate is 12%.

Reference no: EM132639891

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