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Accrued interest payable for a note payable
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Allen Corp.'s liability account balances at June 30, 2007 included a 10% note payable in the amount of $2,400,000. The note is dated October 1, 2005 and is payable in three equal annual payments of $800,000 plus interest. The first interest and principal payment was made on October 1, 2006. In...
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How do I post the purchase of a new vehicle as a long term note payable? Is this correct? ?? - Debit Note Payable - Credit
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