On 04-01-18, S borrowed $2,400,000 at 3%. S made semi-annual interest payments on 10-01-18 and 04-01-19. On 04-01-19, S made the last interest payment and paid back the principle. S only prepares AJEs every 12-31. Prepare the entries S made on: 04-01-18 10-01-18 12-31-18 04-01-19

On 04-01-18, S borrowed $2,400,000 at 3%. S made semi-annual interest payments on 10-01-18 and 04-01-19. On 04-01-19, S made the last interest payment and paid back the principle. S only prepares AJEs every 12-31. Prepare the entries S made on: 04-01-18 10-01-18 12-31-18 04-01-19

Principles of Accounting Volume 1

19th Edition

ISBN:9781947172685

Author:OpenStax

Publisher:OpenStax

Chapter13: Long-term Liabilities

Section: Chapter Questions

Problem 1EA: Halep Inc. borrowed $30,000 from Davis Bank and signed a 4-year note payable stating the interest...

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