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Unformatted text preview: before earning any interest revenue, interest expense is $78.08 ($5000.00 - $4,921.92). The company records this transaction by debiting cash for $4,921.92, debiting interest expense for $78.08, and crediting notes receivable for $5,000.00....
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This note was uploaded on 11/14/2011 for the course ACCT 1310 taught by Professor Staff during the Fall '10 term at Texas State.
- Fall '10