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On September 1, 2021, Allied Moving Corp. borrows $120,000 cash from First National Bank. Allied signs a six-month, 5% note payable. Interest is payable at

On September 1, 2021, Allied Moving Corp. borrows $120,000 cash from First National Bank. Allied signs a six-month, 5% note payable. Interest is payable at maturity. Allied's year-end is December 31. 1., 2. & 3. Record the following transactions for the note payable by Allied Moving Corp. (If no entry is required for a particular transaction/event, select "No Journal Entry Required" in the first account field. Do not round intermediate calculations. Round your answers to nearest dollar amount.)

No Date General Journal Debit Credit
1 Sep 01, 2021 Cash 120,000
Notes Payable 120,000
2 Dec 31, 2021 Interest Expense
Interest Payable
3 Mar 01, 2022 Notes Payable 120,000
Interest Payable
Interest Expense
Cash

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