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Martin & Associates borrowed $15,000 on April 1, 2016 at 8% interest with both principal and interest due on March 31, 2017. Which of the

Martin & Associates borrowed $15,000 on April 1, 2016 at 8% interest with both principal and interest due on March 31, 2017.

Which of the following journal entries should the firm use to accrue interest at the end of each month?

Cash

Interest payable

Interest expense

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