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Exercise 8: Lola Company's accounting year ends on December 31, 2016. On December 1, Lola signs a note for $12,000, 90-day, and 5% interest. Record

Exercise 8: Lola Company's accounting year ends on December 31, 2016. On December 1, Lola signs a note for $12,000, 90-day, and 5% interest. Record (in General Journal) the note, the accrual of interest on December 31 and its payment on March 1 of the next year.

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