On October 1, 2018, Mong Company borrowed $5 million from its bank under a 9-month...
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Accounting
On October 1, 2018, Mong Company borrowed $5 million from its bank under a 9-month note payable which required interest at 4%. Prepare the Journal Entries required on October 1 for the borrowing; on December 31 to accrue interest; and on June 30, 2019 to pay off the note.
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