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On January 1 of this year, Swifty Lenders agrees to lend Vaughn Corp. $155000. Vaughn Corp. signs a $155000, 6%, 9-month loan. Interest is
On January 1 of this year, Swifty Lenders agrees to lend Vaughn Corp. $155000. Vaughn Corp. signs a $155000, 6%, 9-month loan. Interest is due at maturity. What entry will Vaughn Corp. make to repay the loan on September 30, assuming no further adjusting entries have been made since June 30? Bank Loan Payable 161975 Cash 161975 O Bank Loan Payable 155000 Interest Payable 6975 Cash 161975 Interest Expense 3875 Bank Loan Payable 155000 158875 Cash Interest Payable 4650 Bank Loan Payable 155000 Interest Expense 2325 Cash 161975
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