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Business, 09.12.2021 02:50 deagupta

Kangaroo Company signed a three-month, 8% note on November 1, 2019 for the purchase of $120,000 of inventory. Assuming the company’s accounting period ends on December 31, which one of the following statements is not correct? Select one: A. On December 31, 2019, the company will credit Interest Payable for $1,600 B. On December 31, 2019, the company will debit Interest Expense for $1,600 C. On February 1, 2020, the company will debit Interest Payable for $1,600 D. On February 1, 2020, the company will debit Interest Expense for $1,600

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