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QUESTION
A business issued a 120-day, 7% note for $60,000 to a creditor on account.
A business issued a 120-day, 7% note for $60,000 to a creditor on account. Journalize the entries to record (a) the issuance of the note and (b) the payment of the note at maturity, including interest. Assume a 360-day year.
