Local bank supports small businesses and gave the $100,000 loan at 4% to owner on December 31,

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Local bank supports small businesses and gave the $100,000 loan at 4% to owner on December 31, 2020. Interest is paid monthly in arrears. Principal is due on December 31, 2025.

Record the journal entry.

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Accounting Principles Part 2

ISBN: 978-1118306796

6th Canadian edition Volume 1

Authors: Jerry J. Weygandt, Donald E. Kieso, Paul D. Kimmel, Barbara Trenholm, Valerie Kinnear, Joan E. Barlow

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Posted Date: Jan 12, 2024 09:55 PM

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Local bank supports small businesses and gave the $100,000 loan at 4% to owner on December 31,

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Expert Answer:

Answer When a loan is issued there are two main journal entries you need to make one for recording t... View the full answer

Accounting Principles Part 2

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