Answered step by step
Verified Expert Solution
Question
1 Approved Answer
record the recipet of 13000 cash from the loan on july 1 2023, the accrual of intrest on dec 31 2023 the first installment of
record the recipet of 13000 cash from the loan on july 1 2023, the accrual of intrest on dec 31 2023 the first installment of payment on june 30 2024 and the accrual of intrest on dec 31 2024
Intrest rate = 5%
Record (1) the receipt of $13,000 cash from the loan on July 1,2023 ; (2) the accrual of interest on December 31, 2023; (3) the first instalment payment on June 30, 2024; and (4) the accrual of interest on December 31, 2024. (Round answers to 0 decimal places, e.g. 5,275. Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts. List all debit entries before credit entries.) 2024 June 30 Interest Payable Notes Receivable Cash Dec. 31 Interest Expense Interest Payable \begin{tabular}{|r|r|} \hline \\ \hline \end{tabular} 6341 333 Record (1) the receipt of $13,000 cash from the loan on July 1,2023 ; (2) the accrual of interest on December 31, 2023; (3) the first instalment payment on June 30, 2024; and (4) the accrual of interest on December 31, 2024. (Round answers to 0 decimal places, e.g. 5,275. Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts. List all debit entries before credit entries.) 2024 June 30 Interest Payable Notes Receivable Cash Dec. 31 Interest Expense Interest Payable \begin{tabular}{|r|r|} \hline \\ \hline \end{tabular} 6341 333
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access with AI-Powered Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started