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Accrued Interest On July 1, Brimley Company issued a note with First National Bank with terms of 2 years and 10% interest to finance its inventory purchase of 1,000 plasma televisions with a list price of $2,750 each. Required:   Hide     What adjusting entry should Brimley make at December 31?             Dec. 31                 (Record accrued interest expense)

Accrued Interest On July 1, Brimley Company issued a note with First National Bank with terms of 2 years and 10% interest to finance its inventory purchase of 1,000 plasma televisions with a list price of $2,750 each. Required:   Hide     What adjusting entry should Brimley make at December 31?             Dec. 31                 (Record accrued interest expense)

Cornerstones of Financial Accounting
Cornerstones of Financial Accounting
4th Edition
ISBN:9781337690881
Author:Jay Rich, Jeff Jones
Publisher:Jay Rich, Jeff Jones
Chapter9: Long-term Liabilities
Section: Chapter Questions
Problem 94PSA
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Accrued Interest

On July 1, Brimley Company issued a note with First National Bank with terms of 2 years and 10% interest to finance its inventory purchase of 1,000 plasma televisions with a list price of $2,750 each.

Required:


  Hide    

What adjusting entry should Brimley make at December 31?



 
 
       
Dec. 31
 
 
 
 
 
 
 
 
(Record accrued interest expense)
   
       

 

 
 

 

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