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A company lends its supplier $158,000 for 3 years at a 8% annual interest rate. Interest payments are to be made twice a year. The
A company lends its supplier $158,000 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:
Interest Receivable and a credit to Interest Revenue for $6,320. Cash and a credit to Interest Revenue for $12,640. Cash and a credit to Notes Payable for $158,000. Notes Receivable and a credit to Cash for $158,000. |
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