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On January 1, 2019 Telephone Co. took out a $700,000, 120-day loan from the bank, with 10% interested. Telephone Co. closes its books only once

On January 1, 2019 Telephone Co. took out a $700,000, 120-day loan from the bank, with 10%

interested. Telephone Co. closes its books only once a year, on 12/31. Provide the journal entries on the

following two dates: Issuance of Note and Maturity of Note

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