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Thompson Travel borrowed $68,000 on October 1, 2012

Price: $1.99


Thompson Travel borrowed $68,000 on October 1, 2012, by signing a one-year note
payable to Metro One Bank. Thompson’s interest expense for the remainder of the
fiscal year (October through December) is $884.

Requirements

1. Make the adjusting entry to accrue interest expense at December 31, 2012. Date
the entry and include its explanation.

2. Post to the T-accounts of the two accounts affected by the adjustment.

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