Question
How do i put this transaction into certain journals? Obtained a loan of $51,000 from MRMC Bank at a simple interest rate of 6% per
How do i put this transaction into certain journals?
Obtained a loan of $51,000 from MRMC Bank at a simple interest rate of 6% per year. The first interest payment is due at the end of August 2017 and the principal of the loan is to be repaid on June 1, 2020.
Would i record this in the general journal and cash receipt journal like this?
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Survey Of Accounting
Authors: Carl S. Warren, Amanda Farmer, Jefferson P. Jones
10th Edition
0357900294, 9780357900291
