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Journal Entries Assignment | Buy Homework Help

On July 1, 2015, Nakhooda Limited purchased a truck for $40,000, paying $10,000 cash and signing a 6% six-month bank loan payable for the remainder. Prepare the journal entries to record each of the following:

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(a) The purchase of the truck on July 1

(b) The accrual of interest at year-end, December 31, assuming interest has not previously been accrued

(c) Repayment of the interest and the loan on January 1, 2016. Get Accounting Help Today

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