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On Nov. 24, 20x1, Resume Co. borrowed a P750,000, 45-day loan from a bank and pledged Its receivables as collateral security. Resume Co. received the

On Nov. 24, 20x1, Resume Co. borrowed a P750,000, 45-day loan from a bank and pledged Its receivables as collateral security. Resume Co. received the loan proceeds after deduction of P27,000 advance interest. Requirement: provide the journal entry on Nov. 24, 20x1

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