Question
On October 1, 2018, Mills Company borrowed $73,000 cash on a one-year note that required Mills to pay 7 percent interest and $73,000 principal, both
On October 1, 2018, Mills Company borrowed $73,000 cash on a one-year note that required Mills to pay 7 percent interest and $73,000 principal, both on September 30, 2019.
Assuming the note is paid when due in 2019, what is the debit to interest expense when recording the payment of the note?
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Auditing And Financial Management Actions Taken By DOD On GAO Recommendations To Improve Spare Parts Requirements Determination NSIAD 85 61
Authors: U.S. Government Accountability Office
1st Edition
1287183859, 978-1287183853
