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On June 30, 2020, Marshlands Theatre borrowed $30,000 from Credit Union of Westmorland County. The interest rate is 6% and the loan must be repaid
On June 30, 2020, Marshlands Theatre borrowed $30,000 from Credit Union of Westmorland County. The interest rate is 6% and the loan must be repaid in one year. Interest is payable on the first day of each month. The entry to record the loan on June 30 includes the following Debits (DR) and (CR) Credits. Select one: a. Dr Cash; CR Bank Interest Revenue b. Dr Bank Loan Payable; CR Cash c. Dr Cash; DR Bank Loan Payable; CR Interest Expense d. Dr Bank Loan Payable; CR Interest Expense e. DR Cash ; CR Bank Loan Payable
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