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The Shady Bank Lent Dorst Company $8,000 on December 1

question 57

Essay

The Shady Bank lent Dorst Company $8,000 on December 1 for 6 months at an interest rate of 8%. The Shady Bank has a year end of December 31. Prepare the journal entries to record the (1) issuance of the note, (2) the accrued interest at December 31, and (3) the collection of the note on June 1. Round any amounts to the nearest dollar.

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