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Prepare the entry on june 1 of marchon company ltd

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Reference no: EM132419575

Problem: AP On June 1, Marchon Company Ltd. borrows $60,000 from Acme Bank on a 6-month, $60,000, 8% note. The note matures on December 1. Prepare entries for interest-bearing notes.

Instructions

a. Prepare the entry on June 1.

b. Prepare the adjusting entry on June 30.

c. Prepare the entry at maturity (December 1), assuming monthly adjusting entries have been made through November 30. d. What was the total financing cost (interest expense)? Please provide the authentic solutions along with all the calculation.

Reference no: EM132419575

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