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[solution] » On April 1, 2013, Ringo Company borrowed $20,000 from its bank by

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On April 1, 2013, Ringo Company borrowed $20,000 from its bank by
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On April 1, 2013, Ringo Company borrowed $20,000 from its bank by using a 9%, 12 month note, with the interest to be paid on the maturity date.

I need to find the interest paid on the maturity date, prepare a journal for it, and then make a reversing entry.


Interest at the maturity date =

 

=

 

Calculating the amount at the year end for adjustments

 

Account

 

Interest expense (20000*9%/12 * 9)

 

Interest payable

 


 

20000*9%

 

1800

 


 

Debit

 


 

Credit

 

1350

 

1350...

 







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