On july 1 2012 a company loaned a key supplier 75000 a

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On july 1 2012 a company loaned a key supplier 75000. A promissory note was signed and issued and due in 8 months from may 1st. The supplier agreed to pay interest on the note at an annual interest rate of 8%. Principle interest will be paid at the end of 8 months. The note was recorded in notes receivable. Prepare adjusting journal entry.

Reference no: EM13579054

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