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John and Robert borrowed $ 1 3 , 2 0 0 on a 7 - month, 5 % note from Gem State Bank to open

John and Robert borrowed $

13, 200

on a

7 -

month,

5 %

note from Gem State Bank to open their business, Crane's Coffee House. The money was borrowed on June

1, 2025,

and the note matures January

1, 2026 .

Prepare the entry on January

1, 2026

when the loan is paid back

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