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On June 1, 2017, Kevin Co loaned an employee $17,000 for 9 months. The employee signed a note. The annual interest rate on the note will be 6%. The employee will pay the principal in and interest when it comes due in 2018. When the note comes due in 2018, the credit to interest receivable will be

On June 1, 2017, Kevin Co loaned an employee $17,000 for 9 months. The employee signed a note. The annual interest rate on the note will be 6%. The employee will pay the principal in and interest when it comes due in 2018. When the note comes due in 2018, the credit to interest receivable will be

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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On June 1, 2017, Kevin Co loaned an employee $17,000 for 9 months. The employee signed a note. The annual interest rate on the note will be 6%. The employee will pay the principal in and interest when it comes due in 2018. When the note comes due in 2018, the credit to interest receivable will be
Transcribed Image Text:On June 1, 2017, Kevin Co loaned an employee $17,000 for 9 months. The employee signed a note. The annual interest rate on the note will be 6%. The employee will pay the principal in and interest when it comes due in 2018. When the note comes due in 2018, the credit to interest receivable will be
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