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On September 1, Joe's Painting Service Borrows $50,000 from National

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On September 1, Joe's Painting Service borrows $50,000 from National Bank on a 4-month, $50,000, 6% note. What entry must Joe's Painting Service make on December 31 before financial statements are prepared? On September 1, Joe's Painting Service borrows $50,000 from National Bank on a 4-month, $50,000, 6% note. What entry must Joe's Painting Service make on December 31 before financial statements are prepared?

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