On December 1, Flea Co. borrowed $100,000 from the bank by issuing a 3-month Note...
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Accounting
On December 1, Flea Co. borrowed $100,000 from the bank by issuing a 3-month Note Payable with an annual interest rate of 12%. All interest is paid when the note matures. Assume the companys accounting period ends on December 31, and they properly accrued interest expense at that time. They made no further adjustments until the note was paid off. The entry to record the pay off of the note at maturity on February 28 will include
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