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the note payable has been outstanding since November 1st, 2019. the bookkeeper mistakenly assumed the interest rate = 7%. the actual rate = 3%. No

the note payable has been outstanding since November 1st, 2019. the bookkeeper mistakenly assumed the interest rate = 7%. the actual rate = 3%. No interest has been paid.

notes payable 120,000 interest expense 1,000

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