A company is in its first month of operations. On January 1, the company borrows $10,000 from the bank. The bank charges annual interest of 12% on the borrowed amount. Interest is due at the end of the year. What adjusting entry would be made at the end of January? Post the adjusting entry for the scenario provided. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field.) View transaction list Journal entry worksheet 1 Record the annual interest of 12% payable at the end of the year on the $10,000 borrowings from the bank. Note: Enter debits before credits. Date General Journal Debit Credit Jan 31
A company is in its first month of operations. On January 1, the company borrows $10,000 from the bank. The bank charges annual interest of 12% on the borrowed amount. Interest is due at the end of the year. What adjusting entry would be made at the end of January? Post the adjusting entry for the scenario provided. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field.) View transaction list Journal entry worksheet 1 Record the annual interest of 12% payable at the end of the year on the $10,000 borrowings from the bank. Note: Enter debits before credits. Date General Journal Debit Credit Jan 31
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Knowledge Check 01
A company is in its first month of operations. On January 1, the company borrows $10,000 from the bank. The bank charges annual
interest of 12% on the borrowed amount. Interest is due at the end of the year. What adjusting entry would be made at the end of
January? Post the adjusting entry for the scenario provided. (If no entry is required for a transaction/event, select "No Journal Entry
Required" in the first account field.)
View transaction list
ok
t
Journal entry worksheet
nces
1
Record the annual interest of 12% payable at the end of the year on the
$10,000 borrowings from the bank.
Note: Enter debits before credits.
Date
General Journal
Debit
Credit
Jan 31
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