Question: On April 1 , Ringo Company borrowed $ 2 0 , 0 0 0 from its bank by issuing a 8 % , 1 2

On April 1, Ringo Company borrowed $20,000 from its bank by issuing a 8%,12-month note, with the interest to be paid on the maturity date.
Required:
Prepare journal entries to record the issuance of the note and the related year-end adjusting entry on December 31.

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