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The following journal entry was recorded in the accounts of Mallabellos business. 1/2/2021 Dr. Bank 4,000 Cr. interest 4,000 a. Explain the transaction recorded using

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The following journal entry was recorded in the accounts of Mallabellos business. 1/2/2021 Dr. Bank 4,000 Cr. interest 4,000 a. Explain the transaction recorded using the above journal entry. (1.5 marks) b. How should interest above classified in the income statement? (1.5 mark)

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