An entry was made incorrectly recording the note payable interest and principal payments to the other accrued liability account. The entry should have been made to the interest expense and notes payable accounts. The loan has a monthly payment of $1001.61. The shop has paid $2439 in interest and $5,565 in principal over the past eight months. (b) The loan has a monthly payment of $1,001.61. The short- term portion of the loan ( the next 12 months of payments) need to be reclassed from the note payable ($100,000) to the short term portion of notes payable
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