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Record issuance of the note and the adjustment entry

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Question - On September 30, 2019 ABC Company signed a $220,000, one-year zero-interest-bearing note at Finance Bank. ABC's borrowing rate on such obligations is 12% (.89286 present value factor).

Instruction - Show September 30, 2019 journal entry to record issuance of the note and the adjustment entry for the year end.

Reference no: EM132524053

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