Adjusting entry: On 1 February 2021, Design Thinking Pty Ltd obtained a three year bank loan of $90,000 at an annual interest rate of 3.5% p.a. Instructions: Record the adjusting entry for the year ending 31 August 2021 by selecting the correct accounts and amounts that are debited and credited.
Adjusting entry: On 1 February 2021, Design Thinking Pty Ltd obtained a three year bank loan of $90,000 at an annual interest rate of 3.5% p.a. Instructions: Record the adjusting entry for the year ending 31 August 2021 by selecting the correct accounts and amounts that are debited and credited.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Question
![Adjusting entry: On 1 February 2021, Design Thinking Pty Ltd obtained a
three year bank loan of $90,000 at an annual interest rate of 3.5% p.a.
Instructions: Record the adjusting entry for the year ending 31 August
2021 by selecting the correct accounts and amounts that are debited and
credited.
General Journal
August
[ Select ]
[ Select ]
31.
[ Select ]
>
>](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2Ff8c546c4-f144-4d84-a219-d50cb9df137c%2F33c28451-4fca-4f96-b0a6-5b2546eba933%2Fx80qezu_processed.png&w=3840&q=75)
Transcribed Image Text:Adjusting entry: On 1 February 2021, Design Thinking Pty Ltd obtained a
three year bank loan of $90,000 at an annual interest rate of 3.5% p.a.
Instructions: Record the adjusting entry for the year ending 31 August
2021 by selecting the correct accounts and amounts that are debited and
credited.
General Journal
August
[ Select ]
[ Select ]
31.
[ Select ]
>
>
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