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Please help! Madison Bank lends Neenah Paper Company $80,000 on January 1, 2017. Neenah signs a $80,000, 5%, 6-month note. The journal entry made by
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Madison Bank lends Neenah Paper Company $80,000 on January 1, 2017. Neenah signs a $80,000, 5%, 6-month note. The journal entry made by Neenah on January 1, 2017 will debit: Cash for $80,000 and credit Notes Payable for $80,000. Interest Expense for $4,000 and credit Cash for $4,000. Interest Expense for $4,000 and credit Interest Payable for $4,000. Cash for $76,000 and credit Note Payable for $76,000Step by Step Solution
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