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Prepare the necessary journal entries for the following transactions: (a) On September 1, Cole Company borrowed $150,000 from National Bank on a 6-month, 8% note
Prepare the necessary journal entries for the following transactions:
(a) On September 1, Cole Company borrowed $150,000 from National Bank on a 6-month, 8% note.
(b) On December 31, Cole Company accrued interest (assume adjusting entries are only made at the end of the year).
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