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How would interest from a note payable be recorded

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Reference no: EM132822471

Problem 1: What's a note payable, how does it work, and why is it used?

Problem 2: Explain the process of converting an account payable to a note payable. You may want to use T-accounts.

Problem 3: How would interest from a note payable be recorded on the financial statements?

Reference no: EM132822471

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