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Borrowed $75,000 from the Shankey Bank by signing a 12-month, zero-interest-bearing $81,000 note. Now, you need to record the Dec 31 interest that has accrued
Borrowed $75,000 from the Shankey Bank by signing a 12-month, zero-interest-bearing $81,000 note. Now, you need to record the Dec 31 interest that has accrued on the loan from Oct. 1. What is the journal entry?
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Financial Reporting and Analysis
Authors: Lawrence Revsine, Daniel Collins, Bruce Johnson, Fred Mittelstaedt, Leonard Soffer
7th edition
1259722651, 978-1259722653
