Chaloux Company borrowed $73,680 from National bank on September 1 for three months; 5% interest is payable the first of each month, starting October 1. Chaloux’s year end is October 31 and the company records adjusting entries only at that time.

Prepare a journal entry to record the receipt of the bank loan on September 1. (Credit account titles are automatically indented when the amount is entered. Do not indent manually.)

Answer rating: 100% (QA)

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