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Prepare the journal entry to record the proceeds of the

Problem - Peralta Company borrows $60,000 on July 1 from the bank by signing a $60,000, 10%, one-year note payable.

(a) Prepare the journal entry to record the proceeds of the note.

(b) Prepare the journal entry to record accrued interest at December 31, assuming adjusting entries are made only at the end of the year. Compute and record sales taxes payable.

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Accounting Basics: Prepare the journal entry to record the proceeds of the

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