Question: Question: 1. Record the journal entry for the first payment of the first instalment due on the bank loan 2. Record the adjusting entry for

Question:

1. Record the journal entry for the first payment of the first instalment due on the bank loan

2. Record the adjusting entry for interest expense.

Question: 1. Record the journal entry for the first payment of the

You contributed $20,000 cash into your business. You also borrowed $15,000 from Bankwest. This bank loan is a 2-year secured business loan, with an interest rate of 6% per annum, and monthly repayments of $540. The first instalment is due on 25 September 2022 (2 marks)

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 Finance Questions!

Does the price of an appliance convey something about its quality? Forty-eight different dishwashers were ranked on characteristics ranging from an overall satisfaction score, washing (x1), energy...

Please add journal entries of these five issues below into the statement above using ASPE and IFRS. Thank you. Exhibit II Internal Financial Statements Statement of Financial Position As at December...

Question 1 2pts The journal entry to record the payment of salaries should include Group of answer choices a debit to Salaries Expense and a credit to Cash. a debit to Capital and a credit to Cash. a...

please fill out statement of stockholders equity and the income statement using the pictures please create an income statement as shown on the sheet. also please create statement of stockholders...

In short, I am missing the last 2 journal entries. And entered in some wrong entry names. Everything else looks alright, besides one value on the balance sheet. I'm not sure how to record that...

The following instalment payment schedule is for a long-term bank loan payable: Reduction of Interest Cash Payment Principal Interest Period Principal Balance Expense $79,000.00 Issue date $4,740.00...

Polly's Cards & Gifts Shop had the following transactions during the year: Polly's purchased inventory on account from a supplier for $7,770. Assume that Polly's uses a periodic inventory system. On...

Transaction Analysis Polly's Cards & Gifts Shop had the following transactions during the year: a. Polly's purchased inventory on account from a supplier for $8,260. Assume that Polly's uses a...

please ans 1 (B), 2, 3 and 5 - ICS Question-1 Marks-20 A) On September 1 AAA Industries signed a six- month lease for office space, which is effective September I. AAA agreed to prepay the rent and...

December 1: , a new investor, made an investment in Byte by purchasing 2,000 shares of its common stock paying $58,000.00 in cash. The par value of the common stock was $22.00 per share. December 3:...

The Cat Lady is a new business you started this year. When your customers are on vacation, you visit their homes and see that their cats are fed and healthy, and you play with them and clean their...

Increasing tuition has resulted in some students being saddled with large debts on graduation. To examine this issue, a random sample of recent graduates was asked to report whether they had student...

Fillmore, Inc., expects sales of its housing for electric motors to be $87,000, $81,000, and $92,000 for January, February, and March, respectively. Its variable selling and administrative expenses...

what risk does internal audit lower to an acceptble level

A random sample of 43 biology students in a science program are selected for a study. Of those selected, only 27 passed the mid term exam. At the 5% significance level, is there sufficient evidence...

To what extent will you need to utilise individual quotations as examples of the categories you identify? How will you ensure you can identify, store and retrieve them?

Which of the following describe narrative analysis? a An enhanced form of interview technique. b A form of analysis of organisational documents. c An approach to examine how people sequence and...

Which of the following would be suitable for content analysis? a Interview transcripts. b Newspaper articles. c Website content. d All of the above.