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  3. on october 15, 2020, biggin inc. borrowed $350,000

On October 15, 2020, Biggin Inc. borrowed $350,000 from Bank of America at 7.5%. The...

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Accounting

On October 15, 2020, Biggin Inc. borrowed $350,000 from Bank of America at 7.5%. The loan is payable in full, with interest, on October 15, 2021. Biggin Inc. closes its books on December 31 of each year. Using T-Accoubnts or the Accounting Equation, show the entries to record the receipt of the loan and the accrued interest on December 31, 2020.

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