Question
New World Retail has a number of long-term loans, including a four-year loan for $50,000 from Super Retail. This loan was effective from 1 July
New World Retail has a number of long-term loans, including a four-year loan for $50,000 from Super Retail. This loan was effective from 1 July 2018. Interest rate was 4% per annum. During the year ending 30 June 2019, New World Retail paid $1000 interest on this loan.
Prepare journal entries.
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Managerial Accounting Tools for Business Decision Making
Authors: Jerry J. Weygandt, Paul D. Kimmel, Donald E. Kieso
8th edition
ISBN: 978-1-119-3904, 1119392422, 111939242X, 1119390451, 978-1119392422
