The company took out a bank loan of $60,000 with an annual interest rate of 5%....

   

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The company took out a bank loan of $60,000 with an annual interest rate of 5%. The loan terms require a $1,000 principal repayment on the last day of each month plus interest.Paid $6,300 for three months' rent in advance (April, May, June).2 Purchased $25,000 of equipment paying 25% down and agreeing to pay the balance in two years.56Purchased inventory for $19,000 on credit.10Sold $16,000 worth of inventory on account for $23,000.15Paid wages of $1,100.20Collected $8,000 cash from customers for sales previously made on account on April 10th.25Paid suppliers $3,000 for goods previously purchased on account on April 6.31 Recognized one month of rent expense for April.31Zoey made the loan payment required under the terms of the borrowing agreement. The company took out a bank loan of $60,000 with an annual interest rate of 5%. The loan terms require a $1,000 principal repayment on the last day of each month plus interest.Paid $6,300 for three months' rent in advance (April, May, June).2 Purchased $25,000 of equipment paying 25% down and agreeing to pay the balance in two years.56Purchased inventory for $19,000 on credit.10Sold $16,000 worth of inventory on account for $23,000.15Paid wages of $1,100.20Collected $8,000 cash from customers for sales previously made on account on April 10th.25Paid suppliers $3,000 for goods previously purchased on account on April 6.31 Recognized one month of rent expense for April.31Zoey made the loan payment required under the terms of the borrowing agreement.

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