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dmitry racoff borrowed 960 from the bank, issuing the bank a $1000 promissory note due in 120 days. assuming that the note issued and paid
dmitry racoff borrowed 960 from the bank, issuing the bank a $1000 promissory note due in 120 days. assuming that the note issued and paid in the same accounting period, Racoff's entry on the date of payment will include a
A)debit to noted payable for $960
B) debit to interest expense for $40
C) credit to cash for 960
d) debit to discount on notes payable for $40
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