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On December 1, Nautilus corporation borrowed $90,000 from a bank and signed a 10%, 90-day note payable in the amount of $90,000. The December 31 adjusting entry will be:

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Mr. Ayaz invested cash Rs. 25000, vehicle Rs. 40000 and furniture Rs. 15000 in business.

debit interest expense $750 and credit note payable $750

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