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Question: 1. Record the journal entry for the first payment of the first instalment due on the bank loan 2. Record the adjusting entry for

Question:
1. Record the journal entry for the first payment of the first instalment due on the bank loan
2. Record the adjusting entry for interest expense.
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You contributed $20,000 cash into your business. You also borrowed $15,000 from Bankwest. This bank loan is a 2-year secured business loan, with an interest rate of 6% per annum, and monthly repayments of $540. The first instalment is due on 25 September 2022 (2 marks)

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