The company ‘Don Rufian’ lends a supplier, with many financial problems, $100,000 payable in three equal instalments of $50,000 each.You are asked to:(a) Indicate the initial recognition (accounting entry).b) Draw up the development table in an EXCEL spreadsheet, considering that the IRR is 23.375193% per month.c) Make the entries on the dates on which the instalments are paid.

The company ‘Don Rufian’ lends a supplier, with many financial problems, $100,000 payable in three equal instalments of $50,000 each.You are asked to:(a) Indicate the initial recognition (accounting entry).b) Draw up the development table in an EXCEL spreadsheet, considering that the IRR is 23.375193% per month.c) Make the entries on the dates on which the instalments are paid.

Principles of Accounting Volume 1

19th Edition

ISBN:9781947172685

Author:OpenStax

Publisher:OpenStax

Chapter12: Current Liabilities

Section: Chapter Questions

Problem 11EB: Whole Leaves wants to upgrade their equipment, and on January 24 the company takes out a loan from...

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