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QUESTION 5 On May 1, 2020 Miami Family Law PLLC secured a working capital loan in the amount of $250,000. The interest rate on the

QUESTION 5
On May 1, 2020 Miami Family Law PLLC secured a working capital loan in the amount
of $250,000. The interest rate on the loan is 8%. Interest only is due monthly.
The invoice has not arrived. Based on a 365 day year, what is the journal
entry that would be required to record interest expense for May 2020?
Debit Credit
(TO______________________)

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