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How would enter on an accounting journal entry

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Your parents lend the company $10,000 cash in exchange for a two-year, 6% note payable. Interest and the principal are repayable at maturity.

Question 1: Don't understand how would enter the on an accounting journal entry. There are two spots to enter debits and 1 spot to enter credit. Would calculate the interest rate and enter it under debit and then the sum of both debits under credit?

Reference no: EM132482758

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