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    stephanielee093 Posts: 1, Reputation: 1
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    Sep 9, 2011, 10:51 AM
    Adjusting entry for notes payable
    The business has completed the 2nd year of operation. They have had no accountant for these two years. The question is a payment of 10,500 for one years interest on notes payable is now due and on the trail balance the notes payable has a cr. Of 45,000. I have no idea on how to show the adjusting entry.

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