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What is the year-end adjusting entry for interest expense

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Question 1 - On December 1, 2000, Big John Construction Company issued a $10,000, ninety days, 16% note. Big John's year ends December 31. What is the year-end adjusting entry for interest expense?

Question 2 - An insurance policy covering a 2-year period was purchased on November 1 for $600. The amount was debited to Prepaid Insurance. Show the adjusting entry for the 2- month period ending December 31.

Reference no: EM133178722

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