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ash_pash
Oct 23, 2011, 12:01 PM
Given this transaction, on June 2010 the company paid $2115 on the equipment loan and $429 on accured interest. Of the $429, $220 was axxured interest in 2009 and the remainder was for the accured interest in thr first half of 2010. What would be the journal entries for this transaction?

pready
Oct 23, 2011, 12:31 PM
Debit Notes Payable for 2115
Debit Interest Payable for 220
Debit Interest Expense for the difference
Credit Cash for 2544