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Denmark Company. borrowed $30,000 from National Bank on October 1, 2016, for a nine-month period; 4% interest is payable at maturity. Can someone show me
Denmark Company. borrowed $30,000 from National Bank on October 1, 2016, for a nine-month period; 4% interest is payable at maturity.
Can someone show me how to record the following?
1) the receipt of the bank loan on October 1, 2016
2) the accrual of interest on December 31, 2016
3) the payment of the loan on July 1, 2016.
Also for For the National Bank, can someone show me how to record?
1) the issue of the bank loan on October 1, 2016;
2) the accrual of interest on December 31, 2016
3) the collection of the loan on July 1, 2016.
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