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Prepare the necessary journal entries for the following transactions: (a)   On September 1, Cole Company borrowed $150,000 from National Bank on a 6-month, 8% note

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Prepare the necessary journal entries for the following transactions:

(a)   On September 1, Cole Company borrowed $150,000 from National Bank on a 6-month, 8% note.

(b)   On December 31, Cole Company accrued interest (assume adjusting entries are only made at the end of the year).