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Prepare the journal entry for the borrowing funds

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Reference no: EM132461339

Cinema Inc. Borrows $15,000 at 8% interest for 3 months on June 1.

Question 1: Prepare the journal entry for the borrowing funds on June 1.

Question 2: Prepare the adjusting entry to accrue the monthly interest expense at June 30 on the note payable?

Reference no: EM132461339

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