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View Policies Show Attempt History Current Attempt in Progress On April 1 , Sheffield Corporation borrowed $ 1 9 2 , 0 0 0 from
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On April Sheffield Corporation borrowed $ from Rigor Bank by signing an eightmonth, bank loan. Interest is due at
maturity.
Prepare the entries listed below associated with the bank loan on the books of Sheffield Corporation. Its year end is June
a Prepare the entry on April when the loan was received. If no entry is required, select No entry" for the account titles and enter for
the amounts. Credit account titles are automatically indented when amount is entered. Do not indent manually. List debit entry before
credit entry.
Date Account Titles
Debit
Credit
Apr.
Bank Loan Payable Prepare any adjusting entries necessary on June Assume no other interest accrual entries have been made. If no entry is
required, select No entry" for the account titles and enter for the amounts. Credit account titles are automatically indented when amount
is entered. Do not indent manually. List debit entry before credit entry. Prepare the entry to record repayment of the loan at maturity. If no entry is required, select No entry" for the account titles and enter
for the amounts. Credit account titles are automatically indented when amount is entered. Do not indent manually. List all debit entries
before credit entries.
Date
Account Titles
Debit
Credit
Dec.
Bank Loan Payable
Interest Payable
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