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19. On September 1, 2019, Nile Company borrows $140,000 from Toronto State Bank by signing a...

19. On September 1, 2019, Nile Company borrows $140,000 from Toronto State Bank by signing a 7-month, 6%, interest-bearing note.

Instructions: Prepare the necessary entries below associated with the note payable on the books of Nile Company.

(a)    Prepare the entry on September 1, 2019, when the note was issued.

(b)    Prepare the necessary adjusting journal entry at December 31, 2019.

(c)    Prepare the entry to record payment of the note and interest at maturity on April 1, 2020.

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