Question

(Question) June 1 2008---Received a $6000, 1-year, 8%, note from Sue Forest as full payment on her account.

(Ans)Merchandise Inventory---$6,480
Accounts Payable------$6,480

Is this correct? To get the amount $6,480->I have done: 6000*.08 = 480
6000+480 = 6,480

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