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A business issues a $5,000, 90 day, 6% note payable (interest bearing) on January 1 and receives $5,000 cash (the business is the borrower in

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A business issues a $5,000, 90 day, 6% note payable (interest bearing) on January 1 and receives $5,000 cash (the business is the borrower in this situation). Principal and interest are payable at maturity. A. Prepare any necessary journal entries to issue the note on January 1. B. Prepare any necessary journal entries at maturity assuming the note is honored

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