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Martin & Associates Borrowed $5,000 on April 1, 2013 at 8

Question 1

Multiple Choice

Martin & Associates borrowed $5,000 on April 1, 2013 at 8% interest with both principal and interest due on March 31, 2014. How much should be in the firm's interest payable account at December 31, 2013?


A) $300
B) $400
C) $0
D) $333

Correct Answer:

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