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$30,000 cash was borrowed by issuing a 60-day discounted note payable to a private lender. The lender charges a 12% discount fee. Proceeds from this
$30,000 cash was borrowed by issuing a 60-day discounted note payable to a private lender. The lender charges a 12% discount fee. Proceeds from this note total $29,400. Because of the timing of this note, the lender discount will be debited to the Discount on Notes Payable account. Create a journal entry.
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