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Jen Company borrowed $200,000 with a 15 -month note payable to First City Bank on August 1,2020. The interest rate on the note is 7%.

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Jen Company borrowed $200,000 with a 15 -month note payable to First City Bank on August 1,2020. The interest rate on the note is 7%. The interest and principal are due Nov 1,2021 . Prepare the 3 journal entries 1. Borrowing on August 1,2020 2. Adjusting entry on December 31,2020 3. Repayment on November 1,2021

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