On December 31, 2013, Fairmont Corporation had a balance of $20,000 on a line-of-credit with Community Bank. Fairmont made a payment of $11,200, which included $10,000 on the principal and $1,200 interest. Show the effects of this transaction on Fairmont's financial statements.

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The Answer of On December 31, 2013, Fairmont Corporation had a balance of $20,000 on a line-of-credit with Community Bank. Fairmont made a payment of $11,200, which included $10,000 on the principal and $1,200 interest. Show the effects of this transaction on Fairmont's financial statements.

On December 31, 2013, Fairmont Corporation Had a Balance of $20,000