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Hogwarts Inc. entered into the following transactions during 2020:
December 1
Borrowed $55,000 cash from Gringotts Bank in exchange for a 90-day, 4.5% note payable.
December 31
Recorded any required adjusting entries for the accrual of interest on notes payables.
March 1
Hogwarts Inc. pays the note to Gringotts Bank in full at maturity.
Required:
Problem 1: Prepare the journal entries for Hogwarts Inc. to record the transactions above. Round any cents to two decimal points.
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