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3 June, 14:41

On december 1, 2016, escobar consulting, which uses a calendar year as its fiscal year, signs a $4,000, 12%, four-month note payable. journalize the entry to record the payment of the note and entire interest on april 1, 2017.

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  1. 3 June, 15:00
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    The journal entry to record the payment of the note and entire interest on april 1, 2017 is as follows; Debit Notes Payable $4,000, Debit Interest Expense 120, Debit Interest Payable 40, Credit Cash $4,160.

    April 1,2017

    Notes payable $4,000

    Interest expense $120

    Interest payable $40

    Cash $4,160
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