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Accounting Help Please... Interest?
Ok, this is a question on one of my assignments. Please help me, its the part with the journal entries im more concerned about.
interest payable was $10 at december 31, 1998 and $24,888 at dec 31, 1999. interest expense for 1999 was $84,566. how much interest was paid?
assuming all of the interest expense and all of the interest payments were recorded at one time, what would those journal entries be?
please help me, im getting tripped up with the journal entries. i came out with $59,668 interest paid for an answer to the first part of the question.
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