On January 1, Bosack borrowed $40,000 at 6% interest for 1 year. Bosack accrues interest...
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Accounting
On January 1, Bosack borrowed $40,000 at 6% interest for 1 year. Bosack accrues interest on the note monthly. If no adjusting entry is made at the end of January, what will be the impact on the financial statements for January?
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