Don't give answer in image format Asante CPA firm is expanding. To help finance the costs, it borrowed $150,000 on June 1, 2021from First Bank on an 18-month loan. Interest will be paid when the loan is repaid. The detailsare below.Required: Using references and formulas for all numbers, record the following.0 Format all numbers accounting with no decimals and no dollar sign.18192012 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, 2022.1017 Journal2122232425Loan AmountLoan TermInterest Rate26272829Date6/1/2112/31/21$150,00015 years4%12/1/22AccountsDebitCredit 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 Journal673839-40414243444546Date6/1/2112/31/2112/1/22AccountsDebitCredit4748 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 the50 interest rate 5%. How much cash will be repaid on 17/1/22?

Notes payable, usually referred to as promissory notes, are a type of debt that a person or business…

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

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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