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Sigfried Company

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

There are two parts to this question.

Prepare the journal entry to record the proceeds of the note.
Prepare the journal entry to record the accrued interest at December 31st, assuming adjusting journal entries are made only at the end of the year

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Solution Summary

This Solution contains the relevant journal entries for the given situation.

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