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On March 1. Jordan Company borrows $240,000 from Ottawa State Bank by signing a 6-month, 8%, interest-bearing note. (a) Prepare the entry on March 1

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On March 1. Jordan Company borrows $240,000 from Ottawa State Bank by signing a 6-month, 8%, interest-bearing note. (a) Prepare the entry on March 1 when the note was issued (b) Prepare any adjusting entries necessary on June 30 to prepare the fiscal year ending financial statements, (c) Prepare the entry on September 1 to record payment of the note at maturity. Assume no interest accrual entries, other than the one on June 30, have been made

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