Question: The owner of a business told her accountant that she
The owner of a business told her accountant that she “paid” her personal revolving charge account with a 30-day, 6.5 percent note for $ 10,000, signed by her business. At the end of the 30 days, the owner told her accountant that she paid off the interest due and signed another 30-day, 9 percent note. What problems, if any, do you see with this scenario?
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