Question: interest Expense on Note Payable SE 2 . On the last day of August, Broadway Company borrowed $ 1 2 0 , 0 0 0

interest Expense on Note Payable
SE2. On the last day of August, Broadway Company borrowed $120,000 on a bank note for 60 days at 10% interest. Assume that interest is stated separately. Prepare the following journal entries: (1) August 31, recording of note; and (2) October 30, payment of note plus interest. (Round to the nearest cent)

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