answer in text form please (without image) On July 1, 2023, Blossom Ltd. received a loan from its bank for $10,000 bearing interest at 4%. The loan is payable in two annualinstalments of $5,302 principal and interest on June 30 each year. The company records adjusting journal entries annually at year endon December 31.(a)Prepare an instalment payment schedule for the term of the loan. (Round answers to O decimal places, eg 5,255)Record (1) the receipt of $10,000 cash from the loan on July 1, 2023; (2) the accrual of interest on December 31, 2023; (3) the firstinstalment payment on June 30, 2024; and (4) the accrual of interest on December 31, 2024. (Round answers to 0 decimal places,es 5.275. Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required,select "No Entry for the account titles and enter O for the amounts List all debit entries before credit entries)What amounts would Blossom report as current and non-current in the liabilities section of its statement of financial position onDecember 31, 2023? (Round answers to O decimal places, e.g. 5,255)Current LiabilitiesBLOSSOM LTD.Statement of Financial Position (Partial)December 31, 2023Current Portion of Bank Loan PayableNon-Current LiabilitiesBank Loan Payable0 00$302

The current liabilities and long-term liabilities are shown separately in the balance sheet. The…

On July 1, 2023, Blossom Ltd. received a loan from its bank for $10,000 bearing interest at 4%. The loan is payable in two annual instalments of $5,302 principal and interest on June 30 each year. The company records adjusting journal entries annually at year end on December 31. (a) Prepare an instalment payment schedule for the term of the loan. (Round answers to O decimal places, eg 5,255)

On July 1, 2023, Blossom Ltd. received a loan from its bank for $10,000 bearing interest at 4%. The loan is payable in two annual instalments of $5,302 principal and interest on June 30 each year. The company records adjusting journal entries annually at year end on December 31. (a) Prepare an instalment payment schedule for the term of the loan. (Round answers to O decimal places, eg 5,255)

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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