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On December 1, Casio borrowed $50,000 at a 6% interest rate from One Mutual Bank. The note payable plus interest will not be paid until April 1 of the following year. Casio's accounting period ends on December 31, and adjustments are only made at year-end. The adjusting entry needed on December 31 for Casio is:

On December 1, Casio borrowed $50,000 at a 6% interest rate from One Mutual Bank. The note payable plus interest will not be paid until April 1 of the following year. Casio's accounting period ends on December 31, and adjustments are only made at year-end. The adjusting entry needed on December 31 for Casio is:

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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am. 119.

On December 1, Casio borrowed $50,000 at a 6% interest rate from One Mutual Bank. The note payable plus interest will not be paid until April 1 of the following year. Casio's accounting period ends on December 31, and adjustments are only made at year-end. The adjusting entry needed on December 31 for Casio is:
Transcribed Image Text:On December 1, Casio borrowed $50,000 at a 6% interest rate from One Mutual Bank. The note payable plus interest will not be paid until April 1 of the following year. Casio's accounting period ends on December 31, and adjustments are only made at year-end. The adjusting entry needed on December 31 for Casio is:
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