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Record the adjusting entry for recording the interest due on a note payable liability. Assume that the company has a $2400 note payable outstanding on

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Record the adjusting entry for recording the interest due on a note payable liability. Assume that the company has a $2400 note payable outstanding on which they pay a 5% annual interest rate. Record the adjustment for interest due for one month's worth of interest. Account Title Debit Credit Interest Expense X Interest Payable

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