Question: Madison Co. signed a $21,000, 6%, 6-month note payable at State Bank on August 1. Prepare journal entries for the following dates: August 1, December

Madison Co. signed a $21,000, 6%, 6-month note payable at State Bank on August 1. Prepare journal entries for the following dates: August 1, December 31, and the retirement of the note. Please explain how you get each entry.

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