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ABC Co. lends DEF Co. $30,000 with 6% on October 1, 2019. The note is due...

ABC Co. lends DEF Co. $30,000 with 6% on October 1, 2019. The note is due on September 30, 2020. Both companies use December 31 as their fiscal year-end.

Please make all journal entries for ABC Co. assuming

a. The note is an interest bearing note

b. The note is a non-interest bearing note

Please make all journal entries for DEF Co. assuming

c. The note is an interest bearing note:

d. The note is a non-interest bearing note:

Solutions

Expert Solution

ekkarill92 answered 1 year ago
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