Question
On September 1, 2018, Mills Company borrowed $101,000 cash on a one-year note that required Mills to pay 5 percent interest and $101,000 principal, both
On September 1, 2018, Mills Company borrowed $101,000 cash on a one-year note that required Mills to pay 5 percent interest and $101,000 principal, both on August 31, 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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Internal Auditing Assurance And Advisory Services
Authors: Kurt R. Reding, Paul J. Sobel, Urton L. Anderson, Michael J. Head, Sridhar Ramamoorti, Mark Salamasick, Cris Riddle
5th Edition
1634541367, 978-1634541367
