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Borrowed loan from bank journal entry

03/10/2021 Client: muhammad11 Deadline: 2 Day

Question 2 0.56/1 Romez Limited borrowed $ 68,640 from National bank on July 1 for three months: 5% nterestis payable the first of each month, starting August 1 Rome's year end is August 31 and the company records adjusting entries only at that time Your answer is partially correct Prepare a journal entry to record the receipt of the bank loan on July 1.(Credit account titles are automatically indented when the amount is entered. Do not indent manually Date Account Titles and Explanation Debit Credit 8640 July 1 Cash 68640 Accounts Payable

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