Benjamin Co. borTowed money on September 1, 2020. The loan had the following terms. Length: 5 years Interest: 10% Amount: $120,000 Payments per year: Benjamin Co. has a year end of December 31. NOTE: You may use your financial calculator or you may use the present value annuity factor, which is 3.7908. REQUIRED: Journalize the accrual on December 31 and the 1st payment on Aug 31, 2021 below:

Benjamin Co. borTowed money on September 1, 2020. The loan had the following terms. Length: 5 years Interest: 10% Amount: $120,000 Payments per year: Benjamin Co. has a year end of December 31. NOTE: You may use your financial calculator or you may use the present value annuity factor, which is 3.7908. REQUIRED: Journalize the accrual on December 31 and the 1st payment on Aug 31, 2021 below:

Principles of Accounting Volume 1

19th Edition

ISBN:9781947172685

Author:OpenStax

Publisher:OpenStax

Chapter12: Current Liabilities

Section: Chapter Questions

Problem 16Q: Jain Enterprises honors a short-term note payable. Principal on the note is $425,000, with an annual...

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