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When a company borrows cash from the bank

01/05/2021 Client: muhammad11 Deadline: 2 Day

Douglas Company borrows $80,000 on July 1 from the bank by signing a $80,000, 10%, one-year note payable.
(a) Prepare the journal entry to record the proceeds of the note.
(b) Prepare the journal entry to record accrued interest at December 31, assuming adjusting entries are made only at the end of the year.

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