A business owner realizes they have not been accounting for interest paid when they make payments on

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A business owner realizes they have not been accounting for interest paid when they make payments on a long-term loan. Each month they pay $3000 and they have an end of year report from the bank showing they paid $12500 in interest.

What is the adjusting entry and how do you enter this in Quickbooks Online?

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Construction accounting and financial management

ISBN: 978-0135017111

2nd Edition

Authors: Steven j. Peterson

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Posted Date: Apr 06, 2023 12:44 AM

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A business owner realizes they have not been accounting for interest paid when they make payments on

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The adjusting entry for the interest paid on the longterm loan would be Debit Interest Expense acc... View the full answer

Construction accounting and financial management

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