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On November 1 , 2 0 2 0 R and Co . borrowed $ 6 . 3 million cash from its vendor and signed a
On November R and Co borrowed $ million cash from its vendor and signed a promissory note that matures in six months. The interest rate was percent payable at maturity. The accounting period ends December
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Prepare the journal entry to record the note on November If no entry is required for a transactionevent select No journal entry required" in the first account field. Enter your answers in whole dollars.
Prepare any adjusting entry required on December If no entry is required for a transactionevent select No journal entry required" in the first account field. Enter your answers in whole dollars.
Prepare the journal entry to record payment of the note and interest on the maturity date, April assuming that interest has not been recorded since December If no entry is required for a transactionevent select No journal entry required" in the first account field. Enter your answers in whole dollars. Combine all needed JEs in this transaction into one. Remember to show Dr before Cr
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