Ask Question
5 March, 20:07

A company borrows $38,000 with 7% interest on october 1, 2018. this amount plus interest is due on september 30, 2019. record the adjusting entry on december 31, 2018. (if no entry is required for a transaction/event, select "no journal entry required" in the first account field.)

+2
Answers (1)
  1. 5 March, 21:36
    0
    record the adjusting entry on december 31, 2018.

    Interest expense 180

    Loan 3.104

    Cash 3.284

    Explanation:

    Date Payment Interest Principal Balance

    38.000,00

    1 10/31/18 3.284,25 214,86 3.069,39 34.930,61

    2 11/30/18 3.284,25 197,50 3.086,75 31.843,86

    3 12/31/18 3.284,25 180,05 3.104,20 28.739,66

    4 1/31/19 3.284,25 162,50 3.121,75 25.617,91

    5 2/28/19 3.284,25 144,85 3.139,40 22.478,51

    6 3/31/19 3.284,25 127,10 3.157,15 19.321,36

    7 4/30/19 3.284,25 109,25 3.175,00 16.146,36

    8 5/31/19 3.284,25 91,29 3.192,96 12.953,40

    9 6/30/19 3.284,25 73,24 3.211,01 9.742,39

    10 7/31/19 3.284,25 55,08 3.229,17 6.513,22

    11 8/31/19 3.284,25 36,83 3.247,42 3.265,80

    12 9/30/19 3.284,27 18,47 3.265,80 0,00

    Interest expense 180

    Loan 3.104

    Cash 3.284
Know the Answer?
Not Sure About the Answer?
Find an answer to your question ✅ “A company borrows $38,000 with 7% interest on october 1, 2018. this amount plus interest is due on september 30, 2019. record the adjusting ...” in 📘 Business if you're in doubt about the correctness of the answers or there's no answer, then try to use the smart search and find answers to the similar questions.
Search for Other Answers