On june 1 marchon company ltd borrows 60000 from acme bank, Accounting Basics

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On june 1 marchon company ltd borrows 60000 from acme bank

Question: On June 1, Marchon Company Ltd. borrows $60,000 from Acme Bank on a 6-month, $60,000, 8% note. The note matures on December

1. Instructions: (a) Prepare the entry on June 1.

(b) Prepare the adjusting entry on June 30.

(d) What was the total financing cost (interest expense)?

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Accounting Basics: On june 1 marchon company ltd borrows 60000 from acme bank

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Accounting Basics: On june 1 marchon company ltd borrows 60000 from acme bank

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