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Jiffy Corporation signed a one-year promissory note on August 1, 2016 in exchange for $135,000....

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Accounting

Jiffy Corporation signed a one-year promissory note on August 1, 2016 in exchange for $135,000. The annual interest rate on the note is eight percent. All interest will be paid at the time of loan repayment. (a) Record the journal entry required on August 1, 2016 (b) Jiffy records interest expense as an adjusting journal entry at the end of the calendar year. Record the adjusting journal entry required on December 31, 2016. (c) Record the journal entry required on August 1, 2017.

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