On July 1, 2024, United Flag Company took out a 15-year loan for $150,000. Principal repayments of

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On July 1, 2024, United Flag Company took out a 15-year loan for $150,000. Principal repayments of $10,000 and interest at 13% are due annually on June 30.

Required
Prepare all of the journal entries required in relation to the loan for the year ended October 31, 2024.

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Understanding Financial Accounting

ISBN: 9781119715474

3rd Canadian Edition

Authors: Christopher D. Burnley

Question Posted: Jan 31, 2023 04:45 AM

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On July 1, 2024, United Flag Company took out a 15-year loan for $150,000. Principal repayments of

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Understanding Financial Accounting

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