Question: please help me to correct Dougald Construction Ltd. borrowed $320,000 from TD Bank on October 1, 2017, for a nine-month period; 4% interest is payable

please help me to correct Dougald Construction Ltd. borrowed $320,000 from

TD Bank on October 1, 2017, for a nine-month period; 4% interest

please help me to correct

Dougald Construction Ltd. borrowed $320,000 from TD Bank on October 1, 2017, for a nine-month period; 4% interest is payable at maturity. Both companies have a December 31 year end and make adjusting entries annually. Your answer is partially correct For Dougald Construction, record (1) the receipt of the bank loan on October 1,2017; (2) the accrual of interest on December 31, 2017; and (3) the payment of the loan on July 1, 2018. (Credit account titles are automatically indented when the amount is entered. Do not indent manually.) Account Titles and Explanation Credit Date Debit 320000 Cash Oct. 1, 2017 Bank Loan Payable 320000 Dec. 31, 2017 Interest Expense 4266 Interest Payable 4267 Interest Expense July 1, 2018 8533 Interest Payable 8533 (To record interest) July 1, 2018 Interest Payable 12800 Bank Loan Payable 320000 Cash 332800 (To record repayment of bank loan)

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