Essay
On April 1, Aces Corporation borrows $160,000 from Rigor Bank by signing an 8-month, 3%, bank loan. Interest is due at maturity.InstructionsPrepare the entries listed below associated with the bank loan on the books of Aces Corporation. Its year end is June 30.
a. The entry on April 1 when the loan was received.
b. Any adjusting entries necessary on June 30. Assume no other interest accrual entries have been made.
c. The entry to record repayment of the loan at maturity.
Correct Answer:
Verified
Correct Answer:
Verified
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