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On October 1, Concord's Carpet Service borrows $343000 from First National Bank on a 3-month, $343000,9% note. What entry must Concord's Carpet Service make on

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On October 1, Concord's Carpet Service borrows $343000 from First National Bank on a 3-month, $343000,9% note. What entry must Concord's Carpet Service make on December 31 before financlat statements are prepared? Interest Expense 7718 Interest Payable 7718

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