Issued a $15,000 ACH payment to First American Bank and Trust for partial payment on the bank note, which included no payment for interest. The terms on the back of the bank note stipulate that prepayments can be made without early payment penalty. For purposes of the year-end adjusting entry for accrued interest that you will be making later, assume that this payment was not received by the bank until January 3, 2023.

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Journal Entry for partial payment of Bank Note will be Notes Pa... View the full answer