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On November 1, Senorita Blankets sold goods for P12,000 and accepted a six-month non-interest bearing note. Current interest rates were 10%. The December 31 adjusting entry should be:

On November 1, Senorita Blankets sold goods for P12,000 and accepted a six-month non-interest bearing note. Current interest rates were 10%. The December 31 adjusting entry should be:

Principles of Accounting Volume 1
Principles of Accounting Volume 1
19th Edition
ISBN:9781947172685
Author:OpenStax
Publisher:OpenStax
Chapter13: Long-term Liabilities
Section: Chapter Questions
Problem 1PB: Sub-Cinema Inc. borrowed $10,000 on Jan. 1 and will repay the loan with 12 equal payments made at...
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On November 1, Senorita Blankets sold goods for P12,000 and accepted a six-month non-interest bearing note. Current interest rates were 10%. The December 31 adjusting entry should be: 

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