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Martinez Co. borrowed $53,535 on March 1 of the current year by signing a 60-day, 11%, interest-bearing note. Assuming a 360-day year, when the note

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Martinez Co. borrowed $53,535 on March 1 of the current year by signing a 60-day, 11%, interest-bearing note. Assuming a 360-day year, when the note is paid on April 30, the entry to record the payment should include a Oa debit to interest Payable for 5981 Ob debit to interest Expense for 5981 Od credit to Cash for 553.535 Od credit to Cash for 559424

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