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A company borrowed $10,000 from a bank on August 1. On September 1, it paid the bank $41.67 interest for the month of August. The
A company borrowed $10,000 from a bank on August 1. On September 1, it paid the bank $41.67 interest for the month of August. The company prepares financial statements at the end of each month. The $41.67 in interest expense should be reported in the income statement prepared for the month of September. reported in the income statement prepared for the month of August. reported in the balance sheet prepared as of the end of September
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