Prepare general journal entries for the following transactions: July 15 Borrowed $5,000 cash from the bank, giving

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Prepare general journal entries for the following transactions:

July 15 Borrowed $5,000 cash from the bank, giving a 60-day non-interest-bearing note. The note is discounted 12% by the bank.

Sept. 13 Paid the $5,000 note, recognizing the discount as interest expense.

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College Accounting

ISBN: 978-0538745192

20th Edition

Authors: Heintz and Parry

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Question Posted: Dec 21, 2011 10:16 AM

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Prepare general journal entries for the following transactions: July 15 Borrowed $5,000 cash from the bank, giving

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