Determine journal entry of company
On November 1, 2013, the company borrowed $200,000 from a bank. The note requires principal and interest at 12% to be paid on April 30, 2014. I know the correct journal entry, but I can't figure out the number. Would it be 200,000 x .12 x (5/12)?
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The note requires principal and interest at 12% to be paid on April 30, 2014. I know the correct journal entry, but I can't figure out the number. Would it be 200,000 x .12 x (5/12)?
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