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i need help MOTI PERF 788 Mega Holdings and Aina Samihah borrowed RM15,000 on a 7-month, 8% note from Golden State Bank to open their
i need help
MOTI PERF 788 Mega Holdings and Aina Samihah borrowed RM15,000 on a 7-month, 8% note from Golden State Bank to open their business, MK's Coffee House. The money was borrowed on 15 June 2012, and the note matures 1 January 2013 Instructions: a) Prepare the entry to record the receipt of the funds from the loan, b) Prepare the entry to accrue the interest on 30 June 2012 c) Assuming adjusting entries are made at the end of each month; determine the balance in the interest payable account at 31" December 2012 d) Prepare the entry required on 1 January 2013 when the loan is paid back. B Step by Step Solution
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