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Prepare Tamarisks November entry

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Question 1: Tamarisk Company borrowed 549,200 on November 1, 2017, by signing a $49,200, 10%, 3-month note. Prepare Tamarisk's November 1, 2017, entry; the December 31, 2017, annual adjusting entry; and the February 1, 2018, entry. (If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts. Credit account titles are automatically indented when amount is entered. Do not indent manually.)

Account Titles and Explanation  Debit                  Credit

Notes Payable                              49200
Premium Expense                                              49200
Notes Payable                              660
Insurance Premium Payable                                   660
Notes Payable                              49200
Insurance Premium Payable                                 49200
Notes Payable                              660
Insurance Premium Payable                                   660

Reference no: EM132485575

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