Yates Company borrowed $20,000 from Eastern Bank on November 1, 20X3 at an interest rate...
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Accounting
Yates Company borrowed $20,000 from Eastern Bank on November 1, 20X3 at an interest rate of 6 percent. No entries related to interest on loan were made prior to December 31, 20X3, when Yates Company prepared financial statements. On that date, Yates accountant debited interest expense and credited interest payable for $100. Which of the following is true of this transaction?
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