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On March 1, Diamond Inc. borrowed $10,000 from Williams Bank, signing a four-month note payable requiring 10% interest paid at the end on the note.
On March 1, Diamond Inc. borrowed $10,000 from Williams Bank, signing a four-month note payable requiring 10% interest paid at the end on the note. The journal entry that Diamond Inc. will make on March 1 would include: A debit to Note receivable A credit to cash A credit to note payable A debit to interest expense
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