On the last day of August, Navarro Company borrowed $120,000 on a bank note for 60 days
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On the last day of August, Navarro Company borrowed $120,000 on a bank note for 60 days at 10 percent interest. Assume that interest is stated separately. Prepare the following entries in journal form: (1) August 31, recording of note; and (2) October 30, payment of note plus interest.
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