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On October 1, 2022, Concord's Golf Service Limited borrows $73000 from Rigor Bank by signing a 3-month, $73000, 6% bank loan. Interest is due the
On October 1, 2022, Concord's Golf Service Limited borrows $73000 from Rigor Bank by signing a 3-month, $73000, 6% bank loan. Interest is due the first of each month. The entry by Concord's Golf Service to record payment of the loan and accrued interest on January 1, 2023 is: Bank Loan Payable 73000 Interest Expense 1095 Cash 74095 Bank Loan Payable 73000 Interest Payable 1095 Cash 74095 Bank Loan Payable 77380 Cash 77380 Bank Loan Payable 73000 Interest Payable 365 Cash 73365
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