ACME Company has been struggling with cash flow problems due to the fact that their...
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Accounting
ACME Company has been struggling with cash flow problems due to the fact that their customers have been very slow in paying their accounts to the company The owner of the company decided to borrow $50,000 for three months to help him get through this difficult cash flow period. The bank has agreed to make the loan with an interest rate of 5.5%. Instructions: 1 Prepare the journal entry when ACME borrowed the money 2 Prepare the journal entry when ACME paid the bank three months later
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