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8.) JOURNAL ENTRIES (NOTE ISSUED FOR BANK LOAN) Prepare general journal entries for the following transactions: Sept. 15 Borrowed $7,000 cash from the bank, giving
8.) JOURNAL ENTRIES (NOTE ISSUED FOR BANK LOAN) Prepare general journal entries for the following transactions: Sept. 15 Borrowed $7,000 cash from the bank, giving a 60-day non-interest-bearing note. The note is discounted 12% by the bank. Nov. 14 Paid the $7,000 note, recognizing the discount as interest expense
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