Question
On February 1, 2019 the company purchased equipment for $8,500and signed a 10 month note with an interest rate of 5.5 % APR. Loan agreement
On February 1, 2019 the company purchased equipment for $8,500and signed a 10 month note with an interest rate of 5.5 % APR. Loan agreement is the toal amount owed, due in 10 months.
Prepare the following:
Journal entry for Feb 1
Journal entry for Feb 28 to record the first monthly interest owed
Journal entry at maturity when loan is paid to the bank
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Handbook Of Energy Audits
Authors: Albert Thumann, Terry Niehus, William J. Younger
9th Edition
1466561629, 978-1466561625
