Barry Bergan is the owner of Elephant Delivery Service. Recently, Barry paid interest of $3,000 on a

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Barry Bergan is the owner of Elephant Delivery Service. Recently, Barry paid interest of $3,000 on a personal loan of $40,000 that he used to begin the business. Should Elephant Delivery Service record the interest payment? Explain.

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Accounting

ISBN: 978-0324662962

23rd Edition

Authors: Jonathan E. Duchac, James M. Reeve, Carl S. Warren

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Question Posted: Aug 29, 2011 02:56 PM

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Barry Bergan is the owner of Elephant Delivery Service. Recently, Barry paid interest of $3,000 on a

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No Barry should not include the interest payment on the books of Elep...View the full answer

Accounting

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