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How to record the interest for the trancation?


How to record the interest for the trancation? 

Obtained a loan of $14,000 from Uncle Christopher (a family relative of Helena Lee) at a simple interest rate of 8% per year, Check No. 195, Receipt No. 6348. The principal and interest on the loan are payable in six months time.

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Interest Exp          Dr.  ... View the full answer

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0.08*14,000*1/2=560 dr. interest payable 560... View the full answer

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