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QUESTION
On October 1, Sam's Painting Service borrows $50,000 from National Bank on a 3-month, $50,000, 4% note.
On October 1, Sam's Painting Service borrows $50,000 from National Bank on a 3-month, $50,000, 4% note. What entry must Sam's Painting Service make on December 31 before financial statements are prepared?
