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On January 1, Bloomingdale, Inc. borrows $92,000 from First Estate Bank. The loan is due in one year along with 4% interest. The company is preparing its quarterly report for March 31. Which of the following best describes the necessary accrual for interest expense?
a. $3,680 decrease liabilities, decrease cash
b. $3680 increase expenses, decrease cash
c. $ 920 decrease abilities, decrease cash
d. $920 increase abities, increase expenses
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On January 1, Bloomingdale, Inc. borrows $92,000 from First Estate Bank. The loan is due in one year...
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