I'm having trouble how to do these adjusting entries. 1) The 50,000 note payable was...
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I'm having trouble how to do these adjusting entries. 1) The 50,000 note payable was borrowed on October 1, 2014 at a 12% interest rate. Interest is to be paid annually on September 30. 2) On March 1, 2014 the company lent a supplier 20,000 and a note was signed requiring the principal and interest at 8% to be paid on February 28,2015.
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