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Megan Graft is the owner of Mission Delivery Service. Recently, Megan paid interest of $5,000 on a personal loan of

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Megan Graft is the owner of Mission Delivery Service. Recently, Megan paid interest of $5,000 on a personal loan of $80,000 that she used to begin the business. Should Mission Delivery Service record the interest payment? Explain.

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No The business entity concept limits the recording o…View the full answer


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Survey of Accounting

ISBN: 978-0538749091

5th Edition

Authors: Carl S Warren

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Question Posted: October 20, 2011 08:37:54
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