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On November 1, 2021, Dual Systems borrows $240,000 to expand operations. Dual Systems signs a six-month, 8% promissory note. Interest is payable at maturity. Dual
On November 1, 2021, Dual Systems borrows $240,000 to expand operations. Dual Systems signs a six-month, 8% promissory note. Interest is payable at maturity. Dual System's year-end is December 31. 1., 2.& 3. Record the following transactions for the note payable by Dual Systems. (If no entry is required for a particular transaction/event, select "No Journal Entry Required" in the first account field. Do not round intermediate calculations. Round your answers to the nearest dollar amount.) View transaction list Journal entry worksheet > Record the payment of the note by Dual Systems at maturity on April 30, 2022 Note: Enter debits before credits. Credit Date Apr 30, 2022 General Journal Notes Payable Interest Payable Interest Expense Debit 240,000 3,200 6,400
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