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On Nov. 1. 20X4. Louis Co. borrowed $40,000 cash from the bank for 180 days at 6% interest. The entry for payment of the note
On Nov. 1. 20X4. Louis Co. borrowed $40,000 cash from the bank for 180 days at 6% interest. The entry for payment of the note at maturity is (assuming all year-end entries were made): Note payable 40,000 Internet Expense 1, 184 Interest Payable 1, 184 Cash 40,000 Note payable 40,000 Internet Expense 2, 400 Cash 42, 400 Note Payable 42, 400 Cash 42, 400 Note payable 40,000 Internet Expense 395 Interest Payable 789 Cash 41, 184 Note payable 40,000 Internet Expense 789 Interest Payable 395 Cash 41, 184
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