Question
Joni Corporation borrows $975,000 from Friendly Bank on February 1, 20X8. The principal will not be repaid until the end of six years, but interest
Joni Corporation borrows $975,000 from Friendly Bank on February 1, 20X8. The principal will not be repaid until the end of six years, but interest payments are due every February 1. The interest rate is 5.2 percent annually. Record the journal entry necessary for each of the following:
1. The signing of the loan
2. The interest accrual on December 31, 20X8
3. The payment of interest on February 1, 20X9
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Financial Accounting With Microsoft D365 ERP The Book Starts From ABC Of Accounting And Skills You With D365 ERP Accounting Just In 10 Days Accounting With Microsoft D365 ERP Series
Authors: CA Satya Kejriwal ,CA Anand Singh Verma ,Shashidhar Dayaneni
1st Edition
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