Answered step by step
Verified Expert Solution
Question
1 Approved Answer
I need help with a journal entry for Repaid principal of $56,000 and interest of $4,200 on a long term bank loan. I have posted
I need help with a journal entry for Repaid principal of $56,000 and interest of $4,200 on a long term bank loan. I have posted my journal entry below but it's all wrong. 56,000 Cash Accounts payable Interest expense Interest expense Interest payable 56,000 4,200% 4.2003 4,200 $ Cash Marketable securities Accounts receivable, net Inventory Prepaid expenses Total current assets Accounts payable Other accrued liabilities Short-term debt Total current liabilities $ 44, 800 126,000 154,000 175,000 19,600 $519,400 $ 90,000 22,000 40,000 $152,000 WALGERIA AMELIOMALLAR 56,000 Cash Accounts payable Interest expense Interest expense Interest payable 56,000 4,200% 4.2003 4,200 $ Cash Marketable securities Accounts receivable, net Inventory Prepaid expenses Total current assets Accounts payable Other accrued liabilities Short-term debt Total current liabilities $ 44, 800 126,000 154,000 175,000 19,600 $519,400 $ 90,000 22,000 40,000 $152,000 WALGERIA AMELIOMALLAR
I need help with a journal entry for Repaid principal of $56,000 and interest of $4,200 on a long term bank loan.
I have posted my journal entry below but it's all wrong.
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access with AI-Powered Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started