Question
August 15: Borrowed $60,000 from the bank by signing a 2-month, 5% Note. The interest was to be paid monthly. DR CR August 31 :
August 15: Borrowed $60,000 from the bank by signing a 2-month, 5% Note. The interest was to be paid monthly.
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August 31: Prepared month-end adjustment to record the accrued interest on the loan.
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September 15: Paid monthly interest on the loan.
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September 30: Prepared month-end adjustment to record the accrued interest on the loan.
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October 15: Repaid the loan and the outstanding interest
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ISE Managerial Accounting
Authors: Stacey M. Whitecotton, Robert Libby, Fred Phillips
5th Edition
1265117896, 9781265117894
