On October 1, 2019, Norway, Inc. borrowed $225,000 by signing a nine-month, 8% note payable. Interest was accrued on December 31, 2019. Prepare the journal entry on July, 1, 2020, the date the note was paid. Omit explanation.

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The Answer of On October 1, 2019, Norway, Inc. borrowed $225,000 by signing a nine-month, 8% note payable. Interest was accrued on December 31, 2019. Prepare the journal entry on July, 1, 2020, the date the note was paid. Omit explanation.