Question
On September 1, 2020, Ogden Company borrowed $645,000 from University Federal Credit Union. The loan has an 9-year term and a 6% interest rate. Payments
On September 1, 2020, Ogden Company borrowed $645,000 from University Federal Credit Union. The loan has an 9-year term and a 6% interest rate. Payments of $94,829 will be made every year, beginning August 31, 2021.
Record the journal entry necessary for Ogden Company on August 31, 2021. to record the first payment.
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Petroleum Accounting: Principles, Procedures; And Issues
Authors: Dennis Jennings, John Brady, Rich Shappard, Craig Friou
8th Edition
0940966328, 978-0940966321
