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MNO Corporation borrowed $100,000 from a bank on August 1, 2023, at an annual interest rate of 4%. Record the journal entry for the borrowing

  1. MNO Corporation borrowed $100,000 from a bank on August 1, 2023, at an annual interest rate of 4%. Record the journal entry for the borrowing and the monthly adjusting entry for interest expense. Discuss the impact on the company’s financial position.

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