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Assume on January 1st, Hawkeye borrows $20,000 from Hills Bank at 7% interest annually due at the end of the loan year. (1) Write

Assume on January 1st, Hawkeye borrows $20,000 from Hills Bank at 7% interest annually due at the end of the loan year. (1) Write the journal entry for this transaction on January 1st (2pts). (2) Write the adjusting entry (if any) for this transaction on January 31st (2pts).

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