Use the following information for questions.
On October 1, 2018, Mekhi's Golf Service Limited borrows $80,000 from Rigor Bank by signing a 3-month, $80,000, 4% bank loan. Interest is due the first of each month.
-What adjusting entry is required at December 31, 2018?
A) $Use the following information for questions. On October 1, 2018, Mekhi's Golf Service Limited borrows $80,000 from Rigor Bank by signing a 3-month, $80,000, 4% bank loan. Interest is due the first of each month. -What adjusting entry is required at December 31, 2018? A) B) C) D) Solution: (\$ 80,000 \times 04 / 12=\$ 267$
B) $Use the following information for questions. On October 1, 2018, Mekhi's Golf Service Limited borrows $80,000 from Rigor Bank by signing a 3-month, $80,000, 4% bank loan. Interest is due the first of each month. -What adjusting entry is required at December 31, 2018? A) B) C) D) Solution: (\$ 80,000 \times 04 / 12=\$ 267$
C) $Use the following information for questions. On October 1, 2018, Mekhi's Golf Service Limited borrows $80,000 from Rigor Bank by signing a 3-month, $80,000, 4% bank loan. Interest is due the first of each month. -What adjusting entry is required at December 31, 2018? A) B) C) D) Solution: (\$ 80,000 \times 04 / 12=\$ 267$
D) $Use the following information for questions. On October 1, 2018, Mekhi's Golf Service Limited borrows $80,000 from Rigor Bank by signing a 3-month, $80,000, 4% bank loan. Interest is due the first of each month. -What adjusting entry is required at December 31, 2018? A) B) C) D) Solution: (\$ 80,000 \times 04 / 12=\$ 267$
Solution:

(\$ 80,000 \times 04 / 12=\$ 267

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