Fill in the correct labels for the following figure using the word bank below.
-C ____________
Definitions:
Interest Expense
The cost incurred by an entity for borrowed funds over a period, shown as an expense in the income statement.
Bank Loan Payable
A liability account that records the amount owed to a bank by the borrower, to be paid back with interest.
Maturity
The date on which a financial instrument, such as a bond or loan, is due to be repaid in full.
Operating Line of Credit
A flexible loan from a bank that provides a maximum loan balance that the borrower can access for its short-term capital needs.
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