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Format Arrange View Share Window Help Chapter 10 Homework Problem - Edited T 146% Zoom...

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Accounting

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Format Arrange View Share Window Help Chapter 10 Homework Problem - Edited T 146% Zoom Table w Add Page Insert Chart Text Shape Media Comment The following are selected transactions of Hull Company. Hull prepares financial statements quarterly. Interest on all notes is paid at maturity. Feb. 1 Borrowed $30,000 from Gretzky Bank on a 3-month, $30,000, 5% note. Mar. 31 Accrued interest for 2 months on Gretzky note. May. 1 Paid face value and interest on Gretzky note. July 1 Purchased equipment from Lemieux Equipment paying $14,000 in cash and signing a 7%, 3-month, $22,000 note. I Sept. 30 Accrued interest for 3 months on Lemieux note. Oct. 1 Paid face value and interest on Lemieux note. Dec. 1 Hull Company issued $2,000,000, 8%, 5-year bonds at face value. The bonds pay interest annually on December 1. Dec. 31 Prepare the adjusting entry to record the accrual of interest on the bonds on December 31. Feb. 1 25 ))) etv NAC

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