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Matt's Company borrowed $10,000 on a 1 year, 5% note payable from the bank on April 1. Interest was paid quarterly, and the note was
Matt's Company borrowed $10,000 on a 1 year, 5% note payable from the bank on April 1. Interest was paid quarterly, and the note was repaid one year from the time the money was borrowed. How do you write the journal entries for the loans life. Please specify what is credited and what it debited on the journal entries.
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