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Asante CPA firm is expanding. To help finance the costs, it borrowed $150,000 on June 1, 2021 from First Bank on an 18-month loan. Interest will be paid when the loan is repaid. The details are below.. Loan Amount Loan Term Interest Rate $150,000 1.5 years 4% Required: Using references and formulas for all numbers, record the following. Format all numbers accounting with no decimals and no dollar sign. A. For Asante Company: 31. The borrowing of the money and signing the note on June 1, 2021. 4 2. The accrual of the interest on Dec. 31, 2021. 53. The repayment of the note and interest on Dec. 1, 2022.

Asante CPA firm is expanding. To help finance the costs, it borrowed $150,000 on June 1, 2021 from First Bank on an 18-month loan. Interest will be paid when the loan is repaid. The details are below.. Loan Amount Loan Term Interest Rate $150,000 1.5 years 4% Required: Using references and formulas for all numbers, record the following. Format all numbers accounting with no decimals and no dollar sign. A. For Asante Company: 31. The borrowing of the money and signing the note on June 1, 2021. 4 2. The accrual of the interest on Dec. 31, 2021. 53. The repayment of the note and interest on Dec. 1, 2022.

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Asante CPA firm is expanding. To help finance the costs, it borrowed $150,000 on June 1, 2021 from First Bank on an 18-month loan. Interest will be paid when the loan is repaid. The details are below. Required: Using references and formulas for all numbers, record the following. 0 Format all numbers accounting with no decimals and no dollar sign. 18 19 20 12 A. For Asante Company: 13 1. The borrowing of the money and signing the note on June 1, 2021. 14 2. The accrual of the interest on Dec. 31, 2021. 15 3. The repayment of the note and interest on Dec. 1, 2022. 10 17 Journal 21 22 23 24 25 Loan Amount Loan Term Interest Rate 26 27 28 29 Date 6/1/21 12/31/21 $150,000 15 years 4% 12/1/22 Accounts Debit Credit
Transcribed Image Text:Asante CPA firm is expanding. To help finance the costs, it borrowed $150,000 on June 1, 2021 from First Bank on an 18-month loan. Interest will be paid when the loan is repaid. The details are below. Required: Using references and formulas for all numbers, record the following. 0 Format all numbers accounting with no decimals and no dollar sign. 18 19 20 12 A. For Asante Company: 13 1. The borrowing of the money and signing the note on June 1, 2021. 14 2. The accrual of the interest on Dec. 31, 2021. 15 3. The repayment of the note and interest on Dec. 1, 2022. 10 17 Journal 21 22 23 24 25 Loan Amount Loan Term Interest Rate 26 27 28 29 Date 6/1/21 12/31/21 $150,000 15 years 4% 12/1/22 Accounts Debit Credit
B. For First Bank: 1. The lending of the money and signing the note on June 1, 2021. 2. The accrual of the interest on Dec. 31, 2021. 3. The receipt of payment of the note and interest on Dec. 1, 2022. 5 Journal 6 7 38 39 -40 41 42 43 44 45 46 Date 6/1/21 12/31/21 12/1/22 Accounts Debit Credit 47 48 C Label this work sheet Parts A and B. Make a copy of this worksheet, and label it part C. 49 Change the data in rows 5 and 7 to make the loan amount $200,000 and the 50 interest rate 5%. How much cash will be repaid on 17/1/22?
Transcribed Image Text:B. For First Bank: 1. The lending of the money and signing the note on June 1, 2021. 2. The accrual of the interest on Dec. 31, 2021. 3. The receipt of payment of the note and interest on Dec. 1, 2022. 5 Journal 6 7 38 39 -40 41 42 43 44 45 46 Date 6/1/21 12/31/21 12/1/22 Accounts Debit Credit 47 48 C Label this work sheet Parts A and B. Make a copy of this worksheet, and label it part C. 49 Change the data in rows 5 and 7 to make the loan amount $200,000 and the 50 interest rate 5%. How much cash will be repaid on 17/1/22?
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