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Prepare the entry at maturity december 1 assuming monthly

On June 1, Melendez Company borrows $90,000 from First Bank on a 6-month, $90,000, 12% note.

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: Prepare the entry at maturity december 1 assuming monthly

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Accounting Basics: Prepare the entry at maturity december 1 assuming monthly

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