LARA Company secured a bank loan of $ 90,000, on 1/4/2020. In return, it signed a 10 month, 6%, note payable. LARA Co. closes its accounts annually, on December 31 of every year. The loan and total interest are to be paid to the bank at the end of the loan term. Required: the adjusting entry on December 31, 2020, will show a credit to interest payable for
LARA Company secured a bank loan of $ 90,000, on 1/4/2020. In return, it signed a 10 month, 6%, note payable. LARA Co. closes its accounts annually, on December 31 of every year. The loan and total interest are to be paid to the bank at the end of the loan term. Required: the adjusting entry on December 31, 2020, will show a credit to interest payable for
Chapter9: Accounting For Receivables
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LARA Company secured a bank loan of $ 90,000, on 1/4/2020. In return, it signed a 10 month, 6%, note payable. LARA Co. closes its accounts annually, on December 31 of every year. The loan and total interest are to be paid to the bank at the end of the loan term.
Required: the adjusting entry on December 31, 2020, will show a credit to interest payable for.
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