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On June 1, 2017, Kevin Co loaned an employee $17,000 for 9 months. The employee signed a note. The annual interest rate on the note
On June 1, 2017, Kevin Co loaned an employee $17,000 for 9 months. The employee signed a note. The annual interest rate on the note will be 6%. The employee will pay the principal in and interest when it comes due in 2018.
When the note comes due in 2018, the debit to cash will be
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