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A. On Sept 1, 20X1, Yellow Co borrowed P240,000 from ABC Bank to fund a new business venture. Yellow issued a 6-month 12% promissory note.

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A. On Sept 1, 20X1, Yellow Co borrowed P240,000 from ABC Bank to fund a new business venture. Yellow issued a 6-month 12% promissory note. Interest is payable monthly beginning Sept 30. REQUIRED: Journal entries from Sept 1 until the note matures

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