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On January 1, 20X1, Bravo Company borrowed $24,000 to purchase equipment. The loan is to be repaid plus interest of 10% per year, on December 31, 20X2. Prepare the general journal adjusting entry needed for December 31, 20X1. If no entry is required then write "No Entry Required."

On January 1, 20X1, Bravo Company borrowed $24,000 to purchase equipment. The loan is to be repaid plus interest of 10% per year, on December 31, 20X2. Prepare the general journal adjusting entry needed for December 31, 20X1. If no entry is required then write "No Entry Required."

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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On January 1, 20X1, Bravo Company borrowed $24,000 to purchase equipment. The loan is to be repaid plus interest of 10% per year, on December 31, 20X2. Prepare the general journal adjusting entry needed for December 31, 20X1. If no entry is required then write "No Entry Required."
Transcribed Image Text:On January 1, 20X1, Bravo Company borrowed $24,000 to purchase equipment. The loan is to be repaid plus interest of 10% per year, on December 31, 20X2. Prepare the general journal adjusting entry needed for December 31, 20X1. If no entry is required then write "No Entry Required."
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