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On October 1, 2018, Mills Company borrowed $156000 cash on a one-year note that required Mills to pay 6 percent interest and $156000 principal, both
On October 1, 2018, Mills Company borrowed $156000 cash on a one-year note that required Mills to pay 6 percent interest and $156000 principal, both on September 30, 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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