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Prepare journal entries to record the following transactions. Create a T-account for Interest Payable, post...

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Accounting

Prepare journal entries to record the following transactions. Create a T-account for Interest Payable, post any entries that affect the account, and tally the ending balance for the account (assume Interest Payable beginning balance of $2,500).

A. March 1, paid interest due on note, $2,500

B. December 31, interest accrued on note payable, $4,250.

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