Question
2.)Sloan Company borrowed $8,000 on a line of credit on December 1, 2020.Simple interest of 12% will be charged and no payment is required for
2.)Sloan Company borrowed $8,000 on a line of credit on December 1, 2020.Simple interest of 12% will be charged and no payment is required for 60 days.On December 31 the following adjusting entry was made:
Interest Expense80
Interest Payable80
No reversing entry was prepared or posted.Sloan received a minimum payment bill from the bank for $160 due on January 30, 2021, which represents only an interest charge.Sloan makes a $500 payment on January 30.Enter the January 30 journal entry below:
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Management Information Systems Managing the digital Firm
Authors: Kenneth C. Laudon, Carol Guercio Traver
14th edition
132142856, 132142854, 978-0133898163
