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Illustration: On March 1, 2010, Cole Williams borrows $100,000 from First National Bank on a 4-month, 12% note. Instructions a) Prepare the entry on March

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Illustration: On March 1, 2010, Cole Williams borrows $100,000 from First National Bank on a 4-month, 12% note. Instructions a) Prepare the entry on March 1. b) Prepare the adjusting entry on June 30, assuming monthly adjusting entries have not been made. c) Prepare the entry at maturity (July 1)

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