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What journal entry will backyard make when paying off note

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Reference no: EM132318550

Question

Travis County Bank agrees to lend Backyard Corporation $200,000 on January 1. Backyard signs a $200,000, 4%, 9-month note. Interest is due at maturity on September 30.

What journal entry will Backyard make when paying off the note and interest at maturity on September 30 if the company's year-end is June 30?

(Backyard's records were adjusted on June 30.)

Reference no: EM132318550

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