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Exercise 10-2 On June 1, Merando Company borrows $99,000 from First Bank on a 6-month,...

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Accounting

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Exercise 10-2 On June 1, Merando Company borrows $99,000 from First Bank on a 6-month, $99,000, 8% note. (a) Prepare the entry on June 1. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) Debit Date Account Titles and Explanation Credit June 1 (b) Prepare the adjusting entry on June 30. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) Date Account Titles and Explanation Debit June 30 (c) Prepare the entry at maturity (December 1), assuming monthly adjusting entries have been made through November 30 (Credit account titles are automatically indented when amount is entered. Do not indent manually.) Debit Date Account Titles and Explanation Credit Dec. 1 (d) What was the total financing cost (interest expense)? Total financing cost

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