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Prepare the journal entry that National Bank would record, assuming it makes adjusting entries monthly, for the payment of the bank loan to Fischer

Prepare the journal entry that National Bank would record, assuming it makes adjusting entries monthly, for the payment of the bank loan to Fischer Company on August 1. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. List all debit entries before credit entries.) Date August 1 Account Titles and Explanation Bank Loan Payable Cash Debit 54000 Credit 54

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