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On September 1, 2020, Allied Moving Corp. borrows $100,000 cash from First National Bank. Allied signs a six-month, 6% note payable. Interest is payable at

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On September 1, 2020, Allied Moving Corp. borrows $100,000 cash from First National Bank. Allied signs a six-month, 6% note payable. Interest is payable at maturity. Allied's year-end is December 31. Requirement A: Prepare Allied's journal entry on September 1, 2020 when it borrowed the cash and signed the note payable. ACCOUNT Debit Credit Requirement B: Prepare Allied's adjusting journal entry on December 31, 2020. If Allied does not need to record an adjusting entry on December 31, write "no journal entry needed" in the table below. ACCOUNT Debit Credit Requirement C: Prepare Allied's journal entry on March 1, 2020. This is the maturity date of the note payable. ACCOUNT Debit Credit

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