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    Argosy University/ Phoniex University/
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Category > Accounting Posted 25 Aug 2017 My Price 4.00

Paxson Corporation

Exercise 4-37 Accrual of Interest on a Loan

On July 1, Paxson Corporation takes out a 12%, two-month, $50,000 loan at Friendly National Bank. Principal and interest are to be repaid on August 31.

Required

1.        Prepare the journal entries for July 1 to record the borrowing, for July 31 to record the accrual of interest, and for August 31 to record repayment of the principal and interest.

2.        Evaluate the following statement: It would be much easier not to bother with an adjusting entry on July 31 and simply record interest expense on August 31 when the loan is repaid.

 

LO4•5

EXAMPLE 4-9

 

 

 

 

 

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Maurice Tutor
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Status NEW Posted 25 Aug 2017 12:08 AM My Price 4.00

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