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On October 1, 2021, Eagle Company borrowed $32,000 with 8% annual interest. The amount borrowed plus interest is due in one year on October 1, 2022. Record the year-end adjusting entry for interest on December 31, 2021. (Assume that no financial statements were prepared during the year and no adjusting entries have been recorded.) View transaction list Journal entry worksheet < 1 Record the adjusting entry on December 31, 2021. Note: Enter debits before credits. Date December 31, 2021 General Journal Debit Credit >

On October 1, 2021, Eagle Company borrowed $32,000 with 8% annual interest. The amount borrowed plus interest is due in one year on October 1, 2022. Record the year-end adjusting entry for interest on December 31, 2021. (Assume that no financial statements were prepared during the year and no adjusting entries have been recorded.) View transaction list Journal entry worksheet < 1 Record the adjusting entry on December 31, 2021. Note: Enter debits before credits. Date December 31, 2021 General Journal Debit Credit >

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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On October 1, 2021, Eagle Company borrowed $32,000 with 8% annual interest. The amount borrowed plus interest is due in one year on October 1, 2022. Record the year-end adjusting entry for interest on December 31, 2021. (Assume that no financial statements were prepared during the year and no adjusting entries have been recorded.) View transaction list Journal entry worksheet < 1 Record the adjusting entry on December 31, 2021. Note: Enter debits before credits. Date December 31, 2021 Record entry General Journal Clear entry Debit Credit View general journal >
Transcribed Image Text:On October 1, 2021, Eagle Company borrowed $32,000 with 8% annual interest. The amount borrowed plus interest is due in one year on October 1, 2022. Record the year-end adjusting entry for interest on December 31, 2021. (Assume that no financial statements were prepared during the year and no adjusting entries have been recorded.) View transaction list Journal entry worksheet < 1 Record the adjusting entry on December 31, 2021. Note: Enter debits before credits. Date December 31, 2021 Record entry General Journal Clear entry Debit Credit View general journal >
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