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g The company took out a loan from the bank (this transaction was already recorded). It was a 90-day, 9% note for $7,200 taken out on December 1, 2014. Record the accrued interest expense for the month of December.

Answer :

Answer:

1. Dr Interest expense   54

         Cr  Accrued interest      54

    ( To record interest expense )

Explanation:

Interest expense =  7200 * 9% = $648 * 1 /12 = $54 for the m/o dec

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