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Add the following event for 1 July: borrowed $10,000 from the bank at a 6% annual interest rate; the loan is due in 15 months,
Add the following event for 1 July: borrowed $10,000 from the bank at a 6% annual interest rate; the loan is due in 15 months, but the interest is payable quarterly. For this event, add the following accounts to the general ledger: No. 600 Interest Expense; No. 220 Interest Payable; and No. 230 Loan Payable. Add the following event for 1 July: borrowed $10,000 from the bank at a 6% annual interest rate; the loan is due in 15 months, but the interest is payable quarterly. For this event, add the following accounts to the general ledger: No. 600 Interest Expense; No. 220 Interest Payable; and No. 230 Loan Payable
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