Does the business have to record the interest payment on the personal loan

Tom is the owner of the business.Recently, he paid 20,000 interest on a personal loan of 40,000 that he used to begin the business.Should the business record the interest payment
thephuong
Asked Sep 07, 2010
The interest is income for the business that received the payment and an expense for the business making the payment.
Rob
Answered Sep 07, 2010

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