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On Jan 3rd 2023, Advan LLC secured a 3year $2,000,000 loan from the bank. Under the negotiated terms of the loan, Advan llc must
On Jan 3rd 2023, Advan LLC secured a 3year $2,000,000 loan from the bank. Under the negotiated terms of the loan, Advan llc must pay 10% interest annually ($200,000). Interest payments are due to the bank on Dec 31 of each year. Advan llc must repay the $1,200,000 principal amount on Dec 31, 2025. Record the journal entry and prepare necessary adjusted journal entry
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To record the initial loan transaction on January 3 2023 Journal Entry Date January 3 2023 Debit Cas...
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Accounting Principles
Authors: Jerry J. Weygandt, Donald E. Kieso, Paul D. Kimmel, Barbara Trenholm, Valerie Warren, Lori Novak
7th Canadian Edition Volume 2
1119048478, 978-1119048473
