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Problem 11-5 Jen Company borrowed $200,000 with a 15-month note payable to First City Bank on August 1, 2020. The interest rate on the note

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Problem 11-5 Jen Company borrowed $200,000 with a 15-month note payable to First City Bank on August 1, 2020. The interest rate on the note is 7%. The interest and principal are due Nov 1, 2021. Prepare the 3 journal entries 1. Borrowing on August 1, 2020 2. Adjusting entry on December 31, 2020 3. Repayment on November 1, 2021

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