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15 October, 19:51

Barber Company lends Monroe Company $40,000 on April 1, accepting a four-month, 6% interest note. Barber Company prepares financial statements on April 30. What adjusting entry should be made before the financial statements can be prepared?

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  1. 15 October, 21:10
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    Depending of the main activity of barber

    Explanation:

    If the main activity of barber is lending money that is a normal daily transaction in "sales", so it will be a accounts receivable by 40,000 plus interests.
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