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Prepare the journal entries to record proceeds of the note

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Question - Kile Company borrows $61,177 on July 1 from the bank by signing a $61,177, 9%, 1-year note payable.

Prepare the journal entries to record (a) the proceeds of the note and (b) accrued interest at December 31, assuming adjusting entries are made only at the end of the year.

Reference no: EM131773104

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