On July 1 st , 2 0 2 3 , Pharoah Ltd . received a loan from

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Question:

On July

1

, 2023,

Pharoah Ltd

.

received a loan from its bank for $

15000

bearing interest at

6 % .

The loan is payable in two annual instalments of $

8182

principal and interest on June

30

each year. The company records adjusting journal entries annually at year end on December

31 .

Record the adjusting entries for the first instalment payment on June

30, 2024,

and also record the accrual of interest on december

31, 2024

Posted Date: May 15, 2024 04:27 AM

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On July 1 st , 2 0 2 3 , Pharoah Ltd . received a loan from

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To record the adjusting entries for the first instalment payment on June 30 2024 and the accrual ... View the full answer

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