March 6: A long-term note for $60,000 was taken out from the bank. The loan is for two years with an interest rate of 6% repayable at maturity. June 30: Book the interest for the first half of the year on the loan you took out on March 6. 30-Jun Interest Expense Interest Payable What is the interest expense and payable?
March 6: A long-term note for $60,000 was taken out from the bank. The loan is for two years with an interest rate of 6% repayable at maturity. June 30: Book the interest for the first half of the year on the loan you took out on March 6. 30-Jun Interest Expense Interest Payable What is the interest expense and payable?
Chapter5: Introduction To Business Expenses
Section: Chapter Questions
Problem 61P
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March 6: A long-term note for $60,000 was taken out from the bank. The loan is for two years with an interest rate of 6% repayable at maturity.
June 30: Book the interest for the first half of the year on the loan you took out on March 6.
| 30-Jun | Interest Expense |
| Interest Payable |
What is the interest expense and payable?
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