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On November 1, 2010, Lexi Inc. signed a $10,000, 1-year promissory note at 8% interest. What is the appropriate journal entry to record payment of

On November 1, 2010, Lexi Inc. signed a $10,000, 1-year promissory note at 8% interest. What is the appropriate journal entry to record payment of principal and interest on October 31, 2011? Assume the appropriate amount of interest was accrued as of December 31, 2010.

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