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On 10/1/23 KellCO borrowed $200,000 from their business bank with terms of 8% interest in the term of the loan is five months. The principal
On 10/1/23 KellCO borrowed $200,000 from their business bank with terms of 8% interest in the term of the loan is five months. The principal and interest will be paid at the end of that period. Required 12 pts: Make the adjusting entry on 12/31/23 and the required entry when the loan is paid on 2/28/24. Use months to calculate the interest not days. DATE ACCOUNT DR CR
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