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Business, 02.12.2020 16:50 mohamedramadan

On August 1, 2020, Ascent Corp. borrowed $80,000 cash on an 8-month note payable with a 7% annual rate that requires Ascent to pay all the interest and principal on April 1, 2021. Assuming the necessary adjusting entry to accrue interest expense was properly recorded on December 31, 2020, the journal entries to record the payment of interest on April 1, 2021 will include a (Round to the nearest whole dollar, if necessary):

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On August 1, 2020, Ascent Corp. borrowed $80,000 cash on an 8-month note payable with a 7% annual ra...
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