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What is debit to interest expense when recording the payment

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On September 1, 2018, Mills Company borrowed $131,000 cash on a one-year note that required Mills to pay 5 percent interest and $131,000 principal, both on August 31, 2019.

Question 1: Assuming the note is paid when due in 2019, what is the debit to interest expense when recording the payment of the note?

Reference no: EM132570150

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