On December 31,2012,Spencer Corporation had a balance of $20,000 on a line of credit with Mid-Rivers Bank.Spencer made a payment of $11,200,which included $10,000 on the principal and $1,200 interest.Show the effects of this transaction on Spencer's financial statements.

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The Answer of On December 31,2012,Spencer Corporation had a balance of $20,000 on a line of credit with Mid-Rivers Bank.Spencer made a payment of $11,200,which included $10,000 on the principal and $1,200 interest.Show the effects of this transaction on Spencer's financial statements.

On December 31,2012,Spencer Corporation Had a Balance of $20,000 on a Line