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Help Save & Exit S. TB MC Qu. 09-75 On November 1, Alan Company... On...

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Accounting

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Help Save & Exit S. TB MC Qu. 09-75 On November 1, Alan Company... On November 1, Alan Company signed a 120-day, 11% note payable, with a face value of $23,400. Whatris the adjusting entry for the accrued interest at December 31 on the note? (Use 360 days a year.) Multiple Choice Debit interest Payable, $858; credit Interest Expense, $858. 0 O Debit interest Expense, $572; credit interest Payable, $572 0 O Debit Interest Expense. $429; credit interest Payable, $429. 0 Debit interest Payable. $206, credit interest Expense. $286 0 ) No adjusting entry is required

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