Question
The following are year-end transactions that need adjustment entries. Make a journal entry for each of the transactions. 1) The company has a bank loan
The following are year-end transactions that need adjustment entries. Make a journal entry for each of the transactions.
1) The company has a bank loan (originally SEK 236,000). The interest (5%) on the loan and amortization will be paid once a year on 31 October. The annual amortization is SEK 6,300. At the end of the financial year, the remaining value of the loan is SEK 223,400. Calculate and post the interest and transfer next year's amortization of SEK 6,300 to current liabilities (short term loan).
2) Sales in the last week of December have not yet been invoiced. During that week we sold for SEK 93,960.
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored 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