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Dylex Corporation borrowed $40,000 on July 1, 2014, for 45 days at 9% interest by signing a note. a) Determine the date the note matures,
Dylex Corporation borrowed $40,000 on July 1, 2014, for 45 days at 9% interest by signing a note. a) Determine the date the note matures, and calculate how much interest expense is generated by this note. Dates must be entered in the all values to two decimal places. On what day will this note mature? How much interest expense is created by this note? b) Prepare Dylex Corporation's journal entries on July 1, 2014 and the maturity date. Enter an appropriate description when entering the tra be entered in the format dd/mmm (ie. January 15 would be 15/Jan)
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