Analyze and review the following items and determine the appropriate journal entry.  Notes Payable This is a short-term note.  The company borrowed money from JRT Investments on October 31, 2020 for 3 months.  The principal, along with interest is to be repaid on January 31, 2021.  The interest rate is 1.8%. Notes Payable = $250,000

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Q: On January 1, 2018, a business borrowed $18,000 on a five-year, 5% note payable. At December 31,…

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