On January 1, Parma, Inc. borrowed $100,000 cash from First National and issued a two-year promissory note
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Question:
On January 1, Parma, Inc. borrowed $100,000 cash from First National and issued a two-year promissory note in that amount. Interest of $5,000 was payable semiannually on June 30 and December 31. Which account will be debited when Parma records the entry relating to each of the four interest payments?
Related Book For
Survey of Accounting
ISBN: 978-0077862374
4th edition
Authors: Thomas Edmonds, Christopher, Philip Olds, Frances McNair,Bor
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