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[Solved]: ABC Co. loans $60,000 cash to xYZ Co. on March 1.
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(Solved): ABC Co. loans $60,000 cash to xYZ Co. on March 1. The loan plus interest of 6% is due in 9 months. I ...


ABC Co. loans

$60,000

cash to

xYZ

Co. on March 1. The loan plus interest of

6%

is due in 9 months. Identify the accounts as debits or credits such as< Debit A/R 5 Credit Sales 5 a. Record the journal entry for the loan made at March 1. b. Record the journal entry for the receipt of the payment for the principal and interest earned at maturity.

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