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Journalize the entry to record the issuance of the note

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Reference no: EM132774076

Entries for Discounted Note Payable

Problem 1: A business issued a 90-day note for $51,000 to a bank. The note was discounted at 7%. Assume a 360-day year. Journalize the entry to record the issuance of the note.

Reference no: EM132774076

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