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A business issued a 90-day, 4% note for $240,000 to a creditor on account. Journalize...

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Accounting

A business issued a 90-day, 4% note for $240,000 to a creditor on account. Journalize the entries to record (a) the issuance of the note on January 1 and (b) the payment of the note at maturity, including interest. Assume a 360-day year. Refer to the Chart of Accounts for exact wording of account titles.

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