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Journal entries on nov and dec

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On November 1, 2021, Kelly Inc.obtained short term financing from US Bank in the amount of $3,000,000. The note is a 120 day note with an interest rate of 12% at a time when the bank's prime rate was 11.75%. Interest and principle will both be paid at the maturity date.

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Question 1: Journal entries on Nov 1 and Dec 31, 2021.

Reference no: EM132606487

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