Question: On 1 May, you also successfully applied for a 5 year $650 micro business interest-only loan with Bank Zappa. The funds were received on the

On 1 May, you also successfully applied for a 5 year $650 micro business interest-only loan with Bank Zappa. The funds were received on the same day. A 24%pa simple interest rate payable quarterly applies. Interest will be accrued at the end of each month as set out in your accounting policies. What is the journal entries for the amount received

Step by Step Solution

There are 3 Steps involved in it

1 Expert Approved Answer

Step: 1 Unlock blur-text-image

Question Has Been Solved by an Expert!

Get step-by-step solutions from verified subject matter experts

Step: 2 Unlock

Step: 3 Unlock

Students Have Also Explored These Related Accounting Questions!

Provide answers to all of the questions below: Describe three consultation and communication processes that a company could use to support and encourage staff to contribute to policy and procedure...

Your first concern is to inject the initial capital into Dependable Deliveries that will create a pool of money your business can use to pay for its initial outlays. To do this you transfer some of...

Please read the article and answer about questions. Why Accounting Matters to Small Business The way many people think of it, what makes a business businesslike is its focus on making money, and in...

Please help me answer this question Background Veronese 81 Tiffany Inc. is a medium-sized business located in Elmira, Ontario. It sells designerjewelry to specialty stores through Canada as well as...

need answer for these questions 13, 17, 19, 20, and 23? PART 5 Business Valuations Chapter Business Valuations A valuation analyst should be able to explain and defend his or her valuation, including...

need answers for questions 13, 17, 19, 20, and 23? PART 5 Business Valuations Chapter Business Valuations A valuation analyst should be able to explain and defend his or her valuation, including both...

Hi, tutors!! May I ask for your help with these question about finance please. I want to ask for help on questions 5 to 8. The pdf is the original file of the homework.The.docx file is what I have...

A new Selangor government aims to make Puncak Alam a smart city by building smart, sustainable cities and delivering services through apps. The realisation of a digital town will require governments...

Hi, I have an Assignment for my Finance Subject. I have attached the necessary documentation here for you to view including the Lecture slides of all the Topics covered for this assignment. Please...

Chapter 7:7.2 #2 (p. 168) Chapter 8:8.2 #3 (p. 205) Chapter 9:9.2 #1 (p. 225) a., b., and c. (for c., only answer the adjustable rate mortgage part Chapter 7 from Personal Finance was adapted by The...

i need some one toanswering these three questions. make sure to include apa format for the information pretty straight forward. Attached below are the chapters. Chapter 7: 7.2 #2 (p. 168) Chapter 8:...

Refer to Exercise 11.93. Body mass index (BMI) is a measure of body fat based on height and weight. According to the document Dietary Guidelines for Americans, published by the U.S. Department of...

The political party affiliations of 1000 survey subjects State the type of graphic that you believe would be most appropriate for displaying the data, if they were available. Explain your choice.

For attributes sampling, of the three factors that enter into sample size determination, which two factors can the auditor adjust to reflect the importance of the control? Group of answer choices...

Hugo decides to buy his Christmas gifts on Black Friday. To simplify his life, he is giving his 10 closest friends scarves for Christmas and everyone else Christmas cards. Hugo is willing to pay up...