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Short Problem #1 On December 1, 2021 Expo Company borrowed $45,000 cash from First National Bank. The terms of the note were 90 days at

Short Problem #1

On December 1, 2021 Expo Company borrowed $45,000 cash from First National Bank. The terms of the note were 90 days at 9%.

1. Prepare the journal entry for Expo to record the notes issuance. 2. Prepare the journal entry for Expo to record the accrued interest due as of December 31, 2021.

3. Prepare the journal entry for Expo to record the payment of the note on March 1, 2022.

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