Question
On August 1, 2018, Mills Company borrowed $72,000 cash on a one-year note that required Mills to pay 8 percent interest and $72,000 principal, both
On August 1, 2018, Mills Company borrowed $72,000 cash on a one-year note that required Mills to pay 8 percent interest and $72,000 principal, both on July 31, 2019.
Assuming the note is paid when due in 2019, what is the debit to interest payable when recording the payment of the note?
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Essentials of Business Communication
Authors: Mary Ellen Guffey, Dana Loewy
9th edition
978-0132555500, 132555506, 978-1111821227
