On July 1, 2012, Rogers Corp. took out a 60-day, $100,000 loan at the bank. On July
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On July 1, 2012, Rogers Corp. took out a 60-day, $100,000 loan at the bank. On July 31, 2012, Rogers made the following adjustment:
Required
1. What is the interest rate on the loan? Explain your answer.
2. Identify and analyze the adjustment on Rogers Corp.'s books on August 31, 2012, when the company repays the principal and interest on the loan.
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Related Book For
Using Financial Accounting Information The Alternative to Debits and Credits
ISBN: 978-1111534912
8th edition
Authors: Gary A. Porter, Curtis L. Norton
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