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A company borrowed $76,000 on July 1, 2019 at 5% interest. The principal and interest...

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Accounting

A company borrowed $76,000 on July 1, 2019 at 5% interest. The principal and interest is due June 30, 2020. The company does not need to record any interest expense for the month of July 2019 since the cash will not be paid until June 2020. True False

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