On July 1, 2016, Rogers Corp. took out a 60-day, $100,000 loan at the bank. On July
Question:
On July 1, 2016, Rogers Corp. took out a 60-day, $100,000 loan at the bank. On July 31, 2016, Rogers made the following adjusting entry:
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1. What is the interest rate on the loan- Explain your answer.
2. Prepare the entry on Rogers Corp.'s books on August 31, 2016, when the company repays the principal and interest on the loan.
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1 The interest rate on the loan is the monthly interest of 500 12 months100000 6 2 Entr...View the full answer
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