(2)On Apr 1, 2018, borrowed $200,000 from banks. The borrowing was alroady recorded on Apr 1, 2018. The bank loans bear 6% interest (6% is the anmal interest rate) and are due ooe year later, April 1, 2019. Both the interest and principal are paid on the due date. On Dec 31, 2018, the adjusting entry to accrue interest has been correctly recorded. What's the journal entry to record the principal and interest payment on Apr 1, 2019?

(2)On Apr 1, 2018, borrowed $200,000 from banks. The borrowing was alroady recorded on Apr 1, 2018. The bank loans bear 6% interest (6% is the anmal interest rate) and are due ooe year later, April 1, 2019. Both the interest and principal are paid on the due date. On Dec 31, 2018, the adjusting entry to accrue interest has been correctly recorded. What's the journal entry to record the principal and interest payment on Apr 1, 2019?

CONCEPTS IN FED.TAX.,2020-W/ACCESS

20th Edition

ISBN:9780357110362

Author:Murphy

Publisher:Murphy

Chapter5: Introduction To Business Expenses

Section: Chapter Questions

Problem 61P

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