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QUESTION

On Aug 15 2015, Jones Company borrowed $200,000 cash on a two-year, 7% interest note payable. The interest is payable on the due date, Aug 15, 2017.

On Aug 15 2015, Jones Company borrowed $200,000 cash on a two-year, 7% interest note payable. The interest is payable on the due date, Aug 15, 2017. Interest expense on other has already been recorded.

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