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Unformatted text preview: $120,000 Apr 1 Paid note to First Provincial Bank ? Apr 5 Paid Shafai Products Cash paid $11,200 Note paid $24,000 Term in days 30 Interest 12% May 5 Paid note Shafai ? Nov 16 Borrowed from First Provincial Bank Term in days 60 Annual interest 10% Amount of note $108,000 Dec 1 Borrowed from Bank of Montreal Term in days 90 Annual interest 15% Face value $150,000 Dec 31 Entered adjusting entry for interest accrued on note to First Provincial Bank Dec 31 Entered adjusting entry for interest accrued on note to Bank of Montreal 2006 Jan 5 Paid note to First Provincial Bank at maturity ? Mar 1 Paid principal and interest on December 1 note to the Bank of Montreal...
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