Question: On the last day of August Murcio Company borrowed 480 000

On the last day of August, Murcio Company borrowed $480,000 on a bank note for 60 days at 12 percent interest. (Note: 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.


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  • CreatedSeptember 10, 2014
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