Answer:
Explanation:
this problem can be solved thinking as a different payment the 75.47 bucause it is used for paying money which does not affect the money owed for loan, so:
Calculating the monthly rate:
First Month:
Interest=70,000*0.9%
Interest=637,87
Remaining balance=70,000 -(711,53-637.87)
Remaining balance=69,926
Second Month:
Interest=69,926*0.9%
Interest=629,33
Answer:
The correct entry would be:
Account Debit Credit
Finished Goods xxxxx
Work-in Process Curing xxxxx
Work-in Process Blending xxxxxx