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FINANCIAL ACCOUNTING
10th Edition
ISBN: 9781259964947
Author: Libby
Publisher: MCG
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Please don't use chat gpt. Also provide in text. Thank you

Transcribed Image Text:Marcus Corp. signed a note payable with Ryan Company on January 1, 2023. Marcus borrowed $3,000 from Ryan at a
rate of 5%. Both interest and principal are payable on June 30, 2023. How would the journal entry to record the note on
January 1, 2023, for Marcus Corp. impact its equity section?
Select one:
a. Decreased by $750
b. Decreased by $3,075
c. Increased by $3,000
d. $0
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