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Journalizing Payment of Interest Paid But Not Accrued

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June 19 journal entry

Issued a check to Turner Commercial Bank as payment in full for the 28,000 note payable that is due today. Interest on a note as of June 19 is $860. Interest on the note HAS NOT BEEN ACCRUED.

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Solution Summary

This solution illustrates how to record the payment of a note at maturity when interest is due but has not been accrued previously.

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