Business, 14.10.2020 17:01 brmoen1392

On October 1, 2020 the company entered into a one-year-10%- interest rate loan agreement. The amount of the loan is $ 120,000 (hundred and twenty thousand). The principle and the interest are to be repaid at the end of the one year period. Question: A)The amount of the adjusting journal entry on December 31, 2020? B)Effect of this adjusting entry on the financial statements? (example: Assets will increase by $ 5,000 and liabilities decrease by $ 4,000 etc.)

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On October 1, 2020 the company entered into a one-year-10%- interest rate loan agreement. The amount...

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