Question
Hale & Carter, LLC has a line of credit with US Bank of $100,000 with an interest rate of 5%. Interest payments are due on
Hale & Carter, LLC has a line of credit with US Bank of $100,000 with an interest rate of 5%. Interest payments are due on the line of credit the 5th of each month and the last payment was made on December 5, 2022. What is the amount of interest expense payable that should be recorded as of December 31, 2022?
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Cost Accounting Principles And Applications
Authors: Horace R. Brock
5th Edition
0070081522, 978-0070081529
