Essay
On 1 March 2014, Bayonne Services made a loan to one of its officers. The officer signed a 6- month bill for $4 000 at 8%. Bayonne generally accrues interest at year- end only, so at the time the bill matured, Bayonne had not accrued any interest revenue. On 1 September, when the bill matured, the officer settled in full with the company. Please provide the journal entry made by Bayonne when the bill was settled. 
Correct Answer:
Verified
Correct Answer:
Verified
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