Prepare for the necessary adjusting entries at December 31st 2011 for ABC company for each of the following situations. Assume that no financial statements were prepared during the year and no adjusting entries were recorded



On April 1st 2011, the company borrowed $100,000 from the bank. The note requires principal and interest at 8% to be paid on March 30th 2012 (Hint: only consider the journal entries on December 31st 2011).

Answer rating: 100% (QA)

To prepare the necessary adjusting entry at December 31 2011 for ABC Companys loan we need ... View the full answer