Question: On the last day of August Broadway Company borrowed 120 000

On the last day of August, Broadway Company borrowed $120,000 on a bank note for 60 days at 10 percent interest. Assume that interest is stated separately. Prepare the following journal entries:
(1) August 31, recording of note;
(2) October 30, payment of note plus interest. (Round to the nearest cent.)


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  • CreatedMarch 26, 2014
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