On July 1, Orcas Lab issued a $325,000, 10%, 8-month note. Interest is payable at...
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Accounting
On July 1, Orcas Lab issued a $325,000, 10%, 8-month note. Interest is payable at maturity. What is the amount of interest expense that should be recorded in a year-end adjusting entry if the fiscal year-end is
(a) December 31? (b) September 30?
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