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On January 1 of this year, Bonita Lenders agrees to lend Wildhorse Corp. $145000. Wildhorse Corp. signs a $145000, 6%, 9-month loan. Interest is due
On January 1 of this year, Bonita Lenders agrees to lend Wildhorse Corp. $145000. Wildhorse Corp. signs a $145000, 6%, 9-month loan. Interest is due at maturity. The entry made by Wildhorse Corp. on January 1 to record the receipt of the loan is: Cash 145000 Bank Loan Payable 145000 Cash 145000 Interest Expense 6525 Bank Loan Payable 145000 Interest Payable 6525 Interest Expense 6525 Cash 138475 Bank Loan Payable 145000 Cash 145000 Interest Expense 6525 Bank Loan Payable 151525
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