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On May 15, Gott's Outback Clothiers borrowed some money on a 4-month note to provide cash during the slow season of the year. The interest rate on the note was 8%. At the time the note was due, the amount of interest owed was $400.
(a) Determine the amount borrowed by Gott's.
$(b) Assume the amount borrowed was $18,500. What was the interest rate if the amount of interest owed was $555? (Round to 0 decimal places, e.g. 2.)
(c) Prepare the entry for the initial borrowing and the repayment for the facts in the first part of the question. (List multiple debit/credit entries from largest to smallest amount, e.g. 10, 5, 2.)
Initial Borrowing
Date Account/Description Debit CreditMay 15
Repayment
Date Account/Description Debit CreditSept. 15
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