Financial Accounting Quiz
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RECORDING TRANSACTIONS
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A company had a beginning balance of $0 in its Interest Payable account. On November 1, the company signed a 6-month, 8% note payable for $30,000. The company's year-end is December 31. The accountant made and posted the correct year-end adjusting entry for accrued interest. What is the balance in the Interest Payable account on December 31?
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