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Local bank supports small businesses and gave the $100,000 loan at 4% to owner on December 31, 2020. Interest is paid monthly in arrears. Principal

Local bank supports small businesses and gave the $100,000 loan at 4% to owner on December 31, 2020. Interest is paid monthly in arrears. Principal is due on December 31, 2025.

Record the journal entry.

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Answer When a loan is issued there are two main journal entries you need to make one for recording t... blur-text-image

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