On November 16,Ray Co.borrowed $40,000 from CRB Bank.The loan had an interest rate of 11% and was due in 90 days.Prepare the journal entry to record the payment of the note on Ray's books,assuming an adjusting entry was made at December 31st,Ray Co.'s year end.

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The Answer of On November 16,Ray Co.borrowed $40,000 from CRB Bank.The loan had an interest rate of 11% and was due in 90 days.Prepare the journal entry to record the payment of the note on Ray's books,assuming an adjusting entry was made at December 31st,Ray Co.'s year end.