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On September 1, 2014, XYZ borrowed $100,000 on a 9%, two-year, note payable.Simple interest is payable on August 31, 2015 and 2016.XYZ's reporting year ends December 31 and the company does not use reversing entries for interest.The required entry on August 31, 2001, is:
Cash Sale
A transaction where payment for a good or service is made at the time of the sale, usually in the form of cash or equivalent.
Food Revenue
Income generated from the sale of food products or services.
Streamline
To simplify or reorganize a process or system to make it more efficient and effective.
Internet Use
The act of utilizing the global network of computers to access information, communicate, perform tasks, or engage in entertainment.
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