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On June 5, Scavenger Company borrowed $125,000 from BC Bank. The loan had an interest rate of 10% and was due in 90 days. Scavenger
On June 5, Scavenger Company borrowed $125,000 from BC Bank. The loan had an interest rate of 10% and was due in 90 days. Scavenger Company's fiscal year-end is December 31. Prepare the journal entry to record the payment of the note on Scavenger's books. Your answer should be in the form of DR - account name and dollar value CR - account name and dollar value. (4 marks)
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