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Prepare the journal entries for the issuance of the note

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Question - West County Bank agrees to lend Mason Builders Company $400,000 on January 1. Mason Builders Company signs a $400,000, 6%, 5-month note. Mason Builders Company has a March 30th year end. Prepare the journal entries for the:

a) Issuance of the note.

b) Adjusting entry.

c) Repayment of note.

Reference no: EM132544349

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