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Prepare the adjusting entries needed at august

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Reference no: EM133010787

Chip Computer Service Ltd began operations on 1 August 2019. At the end of August 2019,management attempted to prepare monthly financial statements.

This informaton relates to August:

  1. On 1 August the entity borrowed $30,000 from a local bank on a 15-year loan.
  2. The annual interest rate is 10%.

Problem 1: Prepare the adjusting entries needed at 31 August 2019.

Reference no: EM133010787

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