On July 1, 2020, United Flag Company took out a 15-year loan for $150,000. Principal repayments of

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On July 1, 2020, United Flag Company took out a 15-year loan for $150,000. Principal repayments of $10,000 and interest at 13% are due annually on June 30.

Required

Prepare all of the journal entries required in relation to the loan for the year ended October 31, 2020.

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Understanding Financial Accounting

ISBN: 9781119406921

2nd Canadian Edition

Authors: Christopher D. Burnley

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Question Posted: Jul 22, 2019 01:49 PM

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On July 1, 2020, United Flag Company took out a 15-year loan for $150,000. Principal repayments of

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July 1 Cash 150000 LongTerm Loan Payable 150000 To ...View the full answer

Understanding Financial Accounting

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