Question
01/02 Company negotiated a $20,000 operating line with BNS. Interest will be charged at 4% per annum and the loan covenants limit the amount of
01/02 Company negotiated a $20,000 operating line with BNS. Interest will be charged at 4% per annum and the loan covenants limit the amount of the operating line to 60% of good receivables (accounts less than 60 days old). No money is advanced at this time.
01/15 BS1 BNS advanced $5,000 of the operating line. Record in General Journal
Record the journal entries.
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Front Office Operations And Auditing Workbook
Authors: Patrick J. Moreo, Gail Sammons, Jeff Beck
2nd Edition
0130324930, 978-0130324931
