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Question 34 The journal entry used by Lima Corporation to record the issuance of a discounted note for the purpose of borrowing funds for their
Question 34 The journal entry used by Lima Corporation to record the issuance of a discounted note for the purpose of borrowing funds for their business is debit Cash and Interest Payable; credit Notes Payable debit Notes Payable; credit Cash debit Accounts Payable, credit Notes Payable debit Cash and Interest Expense; credit Notes Payable
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