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Show the adjusting entry assuming december 31

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Reference no: EM13511651

Bill's Bank received a $20,000, 90 day, 14.5 percent note from Sun Town Company on account, dated November 1. Sun Town paid the note on the due date.

(a) Show the entries for this transaction.

(b) Show the adjusting entry assuming December 31 is the last day of the accounting period?

Reference no: EM13511651

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