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On July 1, the company borrowed $22,200from a local bank on a 10-year note. The annual interest rate is12%. Prepare the adjusting entries needed at

On July 1, the company borrowed $22,200from a local bank on a 10-year note. The annual interest rate is12%.

Prepare the adjusting entries needed at July 31, 2020.

Debit Credit

July 31 ? ? ?

? ? ?

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