Debit corporation borrowed $15,000 from Credit National Bank…
Debit corporation borrowed $15,000 from Credit National Bank on October 31, 2021. This note was due in 24 months (principal and interest) with an 8% interest rate. What is the journal entry recorded by Credit National Bank on December 31, 2021 assuming Credit records journal entries annually? Record your entry as follows: DR (Account Name) $XXXCR (Account Name) $XXX
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