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Prepare journal entries for each of the transactions

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Question - Dunlin Development Company had the following transactions involving notes payable.

Nov. 1, 2014 - Borrows $120,000 from Merchants and Marine Bank by signing a 3-month, 10% note.

Dec. 31, 2014 - Prepares the adjusting entry.

Feb. 1, 2015 - Pays principal and interest to Merchants and Marine Bank.

Instructions - Prepare journal entries for each of the transactions.

Reference no: EM131714539

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