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On October 1, Yankee borrows $250,000 from Speedy Mart on a 3- month, 8% note. Principal and any accrued interest must be paid on January

On October 1, Yankee borrows $250,000 from Speedy Mart on a 3- month, 8% note. Principal and any accrued interest must be paid on January 1. The journal entry which Yankee must make on December 31 will include: (Choose all of the correct answers.) Debit Interest Expense for $20,000 Credit to Notes Payable for $5,000 Credit to Interest Payable for $20,000 Credit to Cash for $5,000 Debit to Interest Expense for $5,000

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