What are the journal entries for a business if it has a loan of $80,000 which was taken out on March 31st at 10% interest for 8 years with required annual payments of $10,000 plus accrued interest? Show the double-accounting JE for each of the 8 years with formular used i.e. PMT=(10%,8,-80000,0,0). When is the first payment recorded Yr 1 December or March 31st of Year 2?

What are the journal entries for a business if it has a loan of $80,000 which was taken out on March 31st at 10% interest for 8 years with required annual payments of $10,000 plus accrued interest? Show the double-accounting JE for each of the 8 years with formular used i.e. PMT=(10%,8,-80000,0,0). When is the first payment recorded Yr 1 December or March 31st of Year 2?

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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