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On November 16, Ray Co. borrowed $40,000 from CRB Bank. The loan had an interest rate of 11% and was due in 90 days. Prepare

On November 16, Ray Co. borrowed $40,000 from CRB Bank. The loan had an interest rate of 11% and was due in 90 days. Prepare the journal entry to record the payment of the note on Ray's books, assuming an adjusting entry was made at December 31st, Ray Co.'s year end.

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