(2)On Apr 1, 2018, borrowed $200,000 from banks. The borrowing was alroady recorded on Apr 1, 2018. The bank loans bear 6% interest (6% is the anmal interest rate) and are due ooe year later, April 1, 2019. Both the interest and principal are paid on the due date. On Dec 31, 2018, the adjusting entry to accrue interest has been correctly recorded. What's the journal entry to record the principal and interest payment on Apr 1, 2019?

(2)On Apr 1, 2018, borrowed $200,000 from banks. The borrowing was alroady recorded on Apr 1, 2018. The bank loans bear 6% interest (6% is the anmal interest rate) and are due ooe year later, April 1, 2019. Both the interest and principal are paid on the due date. On Dec 31, 2018, the adjusting entry to accrue interest has been correctly recorded. What's the journal entry to record the principal and interest payment on Apr 1, 2019?

Principles of Accounting Volume 1

19th Edition

ISBN:9781947172685

Author:OpenStax

Publisher:OpenStax

Chapter12: Current Liabilities

Section: Chapter Questions

Problem 12EA: Scrimiger Paints wants to upgrade its machinery and on September 20 takes out a loan from the bank...

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