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Show the correct accounting entries for making the loan

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Question: Chequers State. Bank loans $50 million from its reserve account at the Federal Reserve Bank of Philadelphia to First National Bank of Smithville, located in the New York Federal Reserve Bank's district, for 24 hours, with the funds returned the next day. Can you show the correct accounting entries for making this loan and for the return of the loaned funds?

Reference no: EM131721683

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