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During the year, ABC Inc, borrowed one loan as follows: Loan 1: 9/1/2020 $100,000 at 8% annual interest rate for 7 months from Bank

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During the year, ABC Inc, borrowed one loan as follows: Loan 1: 9/1/2020 $100,000 at 8% annual interest rate for 7 months from Bank of America (BOA). What are the Journal Entries for ABC and BOA assuming the principle and interest is due at maturity. 1. Issuing the loan 2. December 31st end of their accounting cycle 3. At the maturity of the loan, pay off.

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