I! View Policies Current Attempt in Progress Romez Limited borrowed $75,840 from National bank on...
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Accounting
I! View Policies Current Attempt in Progress Romez Limited borrowed $75,840 from National bank on July 1 for three months; 5% interest is payable the first of each month, starting August 1. Romez's year end is August 31 and the company records adjusting entries only at that time. (a) Prepare a journal entry to record the receipt of the bank loan on July 1. (Credit account titles are automatically indented when the amount is entered. Do not indent manually.)
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