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Please confirm the journal entry for above. The interest expense is $3600. Please answer with explanation and working. The long-term note payable bears interest of
Please confirm the journal entry for above. The interest expense is $3600. Please answer with explanation and working.
The long-term note payable bears interest of 12% per year. The unadjusted Interest Expense account equals to the amount accrued for the first three quarters of the 2012 fiscal year. The accrued interest for the last quarter has not yet been paid nor recordedStep by Step Solution
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Integrated Audit Practice Case
Authors: David S. Kerr, Randal J. Elder, Alvin A. Arens
7th Edition
0912503688, 978-0912503684
