Tutor profile: Scott B.
Subject: Microsoft Excel
What formula would you use to extract information from a vertical data set?
If you were to invest $5,000 today in a security that has 3% annual interest with interest paid yearly how much would you have in five years?
$5,796.37 PV of investment: $5,000 I/YR: 3% N: 5 years FV: (this is what we solved for)
What is the proper journal entry to record $50 cash paid for loan interest expense?
The proper entry for cash paid on loan interest expense would be: debit to Interest expense for $50 and credit to cash for $50. DR: Interest Expense $50 CR: Cash. $50
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