On December 31, 2023, Bonita Link Corporation received a four-year, 6%, $572,000 bank loan. The terms provide for payment of thebank loan with semi-annual instalment payments of $81,485 principal and interest, starting on June 30. Bonita has a March 31 yearend and records adjusting entries annually. Record the first two instalment payments, on June 30, 2024, and December 31, 2024. (Credit account titles are automaticallyindented when the amount is entered. Do not indent manually. Record journal entries in the order presented in the problem. If no entry isrequired, select "No Entry" for the account titles and enter O for the amounts. List all debit entries before credit entries. Round answers to 0decimal places, eg. 1,234.)DateJune 30Dec. 31Account TitlesBank Loan PayableInterest PayableInterest ExpensecashInterest ExpenseBank Loan PayableCashDebitCredit

Loan repayment involves repayment of the principal borrowed along with the interest accruing on the…

On December 31, 2023, Bonita Link Corporation received a four-year, 6%, $572,000 bank loan. The terms provide for payment of the bank loan with semi-annual instalment payments of $81,485 principal and interest, starting on June 30. Bonita has a March 31 year end and records adjusting entries annually.

On December 31, 2023, Bonita Link Corporation received a four-year, 6%, $572,000 bank loan. The terms provide for payment of the bank loan with semi-annual instalment payments of $81,485 principal and interest, starting on June 30. Bonita has a March 31 year end and records adjusting entries annually.

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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