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Prepare the entry on june 1 prepare the adjusting entry on

On June 1, Chetney Company Ltd. borrows $60,000 from First 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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Financial Accounting: Prepare the entry on june 1 prepare the adjusting entry on

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