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Record the repayment of borrowings to Canada Bank

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Question - On 1 October 20X6, Halpern Co. borrowed $135,000 from Canada Bank. The note has a two-year term, and requires that interest of 6% be paid each 30 September, with the principal payable 30 September 20X8.

Required - Provide all entries for the note from 20X6 to 20X8. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.)

Record the borrowings from Canada Bank.

Record the accrual of interest for the period ending 31st December 20X6.

Record the interest payment on 30 September 20X7.

Record the accrual of interest for the period ending 31st December 20X7.

Record the interest payment on 30 September 20X8.

Record the repayment of borrowings to Canada Bank.

Reference no: EM132623994

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