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On August 3, Marley's Sporting Goods accepted a six-month promissory note from J. J. Brown, who owed $490 on account. (J. J. had needed more

On August 3, Marley's Sporting Goods accepted a six-month promissory note from J. J. Brown, who owed $490 on account. (J. J. had needed more time to pay his balance.) The promissory note had an annual 10 percent interest rate. The journal entry on August 3 to record the transaction would be:

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