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Provide the journal entries on the issuance of note

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Reference no: EM132170045

Question - On January 1, 2019 Telephone Co. took out a $700,000, 120-day loan from the bank, with 10% interested. Telephone Co. closes its books only once a year, exactly 60 days after the loan was taken out. Provide the journal entries on the following three dates:

Issuance of Note

Books are Closed

Maturity of Note

Reference no: EM132170045

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