Q1 On June 1, Trade Kings Company borrows K250, 000 from ATLASMARA Bank on a 6 month, K250, 000, 10 note Instructions (a) Prepare the entry on June 1 (b) Prepare the adjusting entry on June 30 (c) Prepare the entry at maturity (December 1), assuming monthly adjusting entries have been made through November 30 (d) What was the total financing cost (interest expense)

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Q1. On June 1, Trade Kings Company borrows K250, 000 from ATLASMARA Bank on a 6- month, K250, 000, 10% note. Instructions (a) Prepare the

Q1. On June 1, Trade Kings Company borrows K250, 000 from ATLASMARA Bank on a 6- month, K250, 000, 10% note.

Instructions

(a) Prepare the entry on June 1.

(b) Prepare the adjusting entry on June 30.

(d) What was the total financing cost (interest expense)?

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