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Mohammed LLC is a growing consulting firm. The following transactions take place during the current year: A. On June 10,-Mohammod borrows 5330,000 from a bank
Mohammed LLC is a growing consulting firm. The following transactions take place during the current year: A. On June 10,-Mohammod borrows 5330,000 from a bank to cover the initial cost of expansion. Terms of the loan are payment due in four months from June 10, ond annival interest rate of 69s 8. On July 9, Mohammed borrowe an additional 5110,000 with poyment due in four months from July 9 , and an annual intereat rate af 1201 C. Mohammed pays their accounte in full on October 10 for the June 10 loen, and on November 9 for the July 9 loan. Record the foumal entries to recognize the inlitial borrowings, and the two payments for Mohammed. If an amount box daes not requite an antry, ieave it biank, Round intermediate calculation and final answers to the nearest whole dollar
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