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What is the debit to interest payable

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Question - On August 1, 2018, Mills Company borrowed $72,000 cash on a one-year note that required Mills to pay 8 percent interest and $72,000 principal, both on July 31, 2019. Assuming the note is paid when due in 2019, what is the debit to interest payable when recording the payment of the note?

Reference no: EM132569364

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