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Interest is calculated by multiplying the principal times the annual interest rate times the time period the note is outstanding. On September 1, Banner Co.

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Interest is calculated by multiplying the principal times the annual interest rate times the time period the note is outstanding. On September 1, Banner Co. borrowed $70,000 from the City Bank for five months at 9%. Which journal entry will Banner Co. make on December 31 before issuing its financial statements

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