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On 1 September 2019, XYZ Company borrowed and received 25,000 cash from a bank. It will pay 12% interest annually on 31 August and make
On 1 September 2019, XYZ Company borrowed and received 25,000 cash from a bank. It will pay 12% interest annually on 31 August and make the repayment of the principal on 31 August 2023. XYZ Company makes the reversing entry and record it annually.
Make the necessary journal entries for XYZ Company.
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