Question: Cornerstone Exercise 8-20 (Algorithmic) Notes Payable Rogers Machinery Company borrowed $320,000 on June 1, with a 3-month, 7.5%, interest-bearing note. Required: 1. Record the borrowing

Cornerstone Exercise 8-20 (Algorithmic) Notes Payable Rogers Machinery Company borrowed $320,000

Cornerstone Exercise 8-20 (Algorithmic) Notes Payable Rogers Machinery Company borrowed $320,000 on June 1, with a 3-month, 7.5%, interest-bearing note. Required: 1. Record the borrowing transaction. Jun. 1 (Record issuance of note payable) 2. Record the repayment transaction. If an amount box does not require an entry, leave it blank. Round your answers to the nearest dollar, if required. Sept. 1 (Record payment of note and interest)

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