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On September 1, 2016, The Ivy School obtained a bank loan of $12,000 with an annual interest rate of 10% for a year. The firm

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On September 1, 2016, The Ivy School obtained a bank loan of $12,000 with an annual interest rate of 10% for a year. The firm is obligated to pay back the principal plus all related interest on August 31, 2017. Provide all necessary journal entries for the school in 2016

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