(Solved by Humans)-On July 1, A company borrows $100,000 on a 5% note, due in one
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?On July 1, A company borrows $100,000 on a 5% note, due in one year.? What adjusting entry is needed on December 31?
?? ?Debit Interest Expense for $5,000 and credit Interest Payable for $5,000.
?? ?Debit Interest Payable for $5,000 and credit Interest Expense for $5,000.
?? ?Debit Note Payable for $5,000 and credit Interest Payable for $5,000.
?? ?None of these.
?? ?No entry is needed.
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This question was answered on: 10 May, 2025
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