Rebecca Olson is the owner of Aquarius Delivery Service. Recently, Rebecca paid interest of $1,850 on a

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Rebecca Olson is the owner of Aquarius Delivery Service. Recently, Rebecca paid interest of $1,850 on a personal loan of $30,000 that she used to begin the business. Should Aquarius Delivery Service record the interest payment? Explain.

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Accounting

ISBN: 978-0324401844

22nd Edition

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

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Question Posted: Jul 17, 2012 12:53 AM

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Rebecca Olson is the owner of Aquarius Delivery Service. Recently, Rebecca paid interest of $1,850 on a

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No The business entity concept limits the recording o...View the full answer

Accounting

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