Romez Limited borrowed $60,000 from the bank on July 1 for three months; 5% interest is payable

Question:

Romez Limited borrowed $60,000 from the bank on July 1 for three months; 5% interest is payable the first of each month, starting August 1. Romez's year end is August 31. Prepare journal entries to record

(a) The receipt of the bank loan on July 1;

(b) (1) The payment of interest on August 1,

(2) The accrual of interest on August 31,

(3) The payment of interest on September 1,

(4) The payment of interest on October 1;

Maturity
Maturity is the date on which the life of a transaction or financial instrument ends, after which it must either be renewed, or it will cease to exist. The term is commonly used for deposits, foreign exchange spot, and forward transactions, interest...