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6. A company lends its supplier $164,000 for 3 years at a 8% annual interest rate Interest payments are to be made twice a year.
6. A company lends its supplier $164,000 for 3 years at a 8% annual interest rate Interest payments are to be made twice a year. The entry to record this lending transaction Includes a debit to Notes Receivable and a credit to Cash for $164,000. Cash and a credit to Notes Payable for $164,000 O Interest Receivable and a credit to Interest Revenue for $6,560. Cash and a credit to Interest Revenue for $13,120
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