What is the appropriate journal entry to record payment

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Question - On November 1, 2010, Lexi Inc. signed a $10,000, 1-year note at 8% interest. What is the appropriate journal entry to record payment of principal and interest on October 31, 2011? Assume the appropriate amount of interest was accrued as of December 31, 2010.

Reference no: EM131609827

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