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Prepare journal entries to record the issuance

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Reference no: EM13875139

On April 1, 2010, Ranee Company borrowed $20,000 from its bank by issuing a 9%, 12 month note, with the interest to be paid on the maturity date. 

Prepare journal entries to record the issuance of the note and the related year end adjusting entry.

Reference no: EM13875139

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