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On July 16, MCC Company signs a $2,000, 30-day, 12% as a settlement of an account payable. Provide the journal entries on July 16 and

On July 16, MCC Company signs a $2,000, 30-day, 12% as a settlement of an account payable. Provide the journal entries on July 16 and July 31 and August 15 on the books of the borrower. (Use 360 days for the year and round answers to the nearest cent.)

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