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On October 1, $10,000 was borrowed on a 90 day, $10,000, 4% note. The journal entry on December 31 includes Debit Interest Debit Cash, Credit Interest Payable Expense, Credit Interest Payable Debit Interest Debit Interest Payable, Credit Interest Expense Expense, Credit Cash

On October 1, $10,000 was borrowed on a 90 day, $10,000, 4% note. The journal entry on December 31 includes Debit Interest Debit Cash, Credit Interest Payable Expense, Credit Interest Payable Debit Interest Debit Interest Payable, Credit Interest Expense Expense, Credit Cash

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
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On October 1, $10,000 was borrowed on a 90 day, $10,000, 4% note. The journal entry on December 31 includes Debit Interest Debit Cash, Credit Interest Payable Expense, Credit Interest Payable Debit Interest Debit Interest Payable, Credit Interest Expense Expense, Credit Cash
Transcribed Image Text:On October 1, $10,000 was borrowed on a 90 day, $10,000, 4% note. The journal entry on December 31 includes Debit Interest Debit Cash, Credit Interest Payable Expense, Credit Interest Payable Debit Interest Debit Interest Payable, Credit Interest Expense Expense, Credit Cash
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