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on august 1, a $60,000, 7%, 3-year installment note payable is issued by a company. the note requires equal payments of principal plus accrued interest of $22,863.10. the entry to record the first payment on july 31 would include: multiple choice debit to cash of $22,863.10. debit to interest expense of $4,200.00. debit to notes payable of $22,863.10 credit to notes payable of $22,863.10 credit to cash $18,663.10
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