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Entries for notes payable
Bull City Industries is considering issuing a $100,000, 7% note to a creditor on account.
Assume a 360-day year. For a compound transaction, if an amount box does not require an entry, leave it blank.
b. If the note is issued with a 90-day term, journalize the entries to record:
- the issuance of the note.
- the payment of the note at maturity.
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