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Notes payable:

On 5/1/19 Barbie signed a $100,000,, 9 month, 6% note payable to Wells Fargo Bank. The note matures on 2/1/20. On 8/1/19 Barbie signed a $96,000 non-interest-bearing note in exchange for $90,000 cash.The note matures in 6 months on 2/1/20.

Prepare entries for 5/1/19, 8/1/19 and accrual of interest for both notes on 12/31/19 assuming Barbie makes annual adjusting entries, and the entry for payment of the notes on 2/1/20.

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Date Account Debit Credit Entries for $100K note Entries for $96K