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Posted: August 26th, 2023
Lost in The Woods Trading Company borrows $70,000
4) Lost in The Woods Trading Company borrows $70,000 at 3% interest from the Bonnie and Clyde Untrustworthy Bank on June 1, 2014. The note is due in one year.a) Make the journal entries on the books of the Lost in Woods Trading Company for (1) the payoff of the loan on May 31, 2015.
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