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How to record the interest for the trancation? Obtained a loan of $14,000 from Uncle Christopher (a family relative of HelenaLee) at a simple interest
How to record the interest for the trancation?
Obtained a loan of $14,000 from Uncle Christopher (a family relative of HelenaLee) at a simple interest rate of 8% per year, Check No. 195, Receipt No. 6348. The principal and interest on the loan are payable in six months time.
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