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oksano4ka [1.4K]
3 years ago
13

On September 1, 2017, Banner Co. borrowed $70,000 from the City Bank for five months at 9%. Interest was properly accrued on Dec

ember 31, 2017. What entry is needed to record the payment of the note and accrued interest on the due date?
Business
1 answer:
trasher [3.6K]3 years ago
7 0

Answer:

Explanation: Journal Entry

Loan Borrowed is $70,000

Interest rate is 9%

Interest accrued = 70,000 * 9% = 6,300

1. Cr: Bank                                 $76,300                    

   Dr: Short Term Loan            $70,000

    Dr: Accrued Int on loan      $6,300

Being loan repayment with accrued interest on loan for 5 months.

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igor_vitrenko [27]

Answer:

1.1265

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Someone please help!!!
Vitek1552 [10]

Answer:

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Explanation:

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5 0
2 years ago
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Answer:

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6 0
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