On 30 June 2025, the accountant for Leanne's Lawnmowing Service calculated that 1 months interest of ($1350)

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On 30 June 2025, the accountant for Leanne's Lawnmowing Service calculated that 1 month’s interest of $$1350$ had accrued on a bank loan. An interest payment of $$5200$ was made on 31 August 2025.

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(a) Give the adjusting entry needed on 30 June 2025.

(b) Give the closing entry.

(c) Give the reversing entry that could be made on 1 July 2025 and the subsequent entry to record the payment of 31 August 2025.

(d) Assuming that no reversing entry was made, give the entry to record the interest payment on 31 August 2025.

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Accounting

ISBN: 9780730382737

11th Edition

Authors: John Hoggett, John Medlin, Keryn Chalmers, Claire Beattie

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Question Posted: Apr 09, 2024 12:00 AM

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On 30 June 2025, the accountant for Leanne's Lawnmowing Service calculated that 1 months interest of ($1350)

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Accounting

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