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Martin & Associates Borrowed $15,000 on April 1, 2016 at 8

Question 31

Multiple Choice

Martin & Associates borrowed $15,000 on April 1, 2016 at 8% interest with both principal and interest due on March 31, 2017.How much should be in the firm's interest payable account at December 31, 2016?


A) $900
B) $1,200
C) $0
D) $1,000

Correct Answer:

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