Question: Fox Co. incorrectly recorded a $575,000 note issued by Temple Bank in 2022 by debiting cash but crediting accounts payable. The note is due in

Fox Co. incorrectly recorded a $575,000 note issued by Temple Bank in 2022 by debiting cash but crediting accounts payable. The note is due in 5 years with no principal statements due until maturity. Interest accruals are recorded correctly. Fox's auditors discovered the error in 2023.

Provide the correct journal entry.

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