Question
ABC Co. loans $60,000 cash to XYZ Co. on March 1. The loan plus interest of 6% is due in 9 months. a. Record the
ABC Co. loans $60,000 cash to XYZ Co. on March 1. The loan plus interest of 6% is due in 9 months.
a. Record the journal entry for the loan made at March 1.
b. Record the journal entry for the receipt of the payment for the principal and interest earned at maturity.
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CIA Part 1 Essentials Of Internal Auditing Certified Internal Auditor 2019
Authors: Muhammad Zain
1st Edition
1091949182, 978-1091949188
