Question
On Aug 1, 2020, the Company took out a 5%, $20,000 bank loan (at the time they credited 'bank loan payable'. The loan is due
On Aug 1, 2020, the Company took out a 5%, $20,000 bank loan (at the time they credited 'bank loan payable'. The loan is due on Jan1, 2021. The company only prepares adjusting entries at its year end, December 31. Prepare the journal entry on jan 1, 2022
Debit (account name) $
Debit (account name) $
Debit (account name) $ Credit (account name) $
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Principles Of Accounting
Authors: Steven M. Bragg
1st Edition
1642210773, 978-1642210774
