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Category > Accounting Posted 02 Jun 2017 My Price 4.00

What is the interest rate on the loan? Explain your answer

Exercise 4-17  Working Backward: Interest Payable

On July 1, 2014, Rogers Corp. took out a 60-day, $100,000 loan at the bank. On July 31, 2014, Rogers made the following adjusting entry:

LO5

EXAMPLE  4-8, 4-11

LO5

EXAMPLE  4-9, 4-11

LO5

EXAMPLE 4-9

 

Required

1.        What is the interest rate on the loan? Explain your answer.

2.        Prepare the entry on Rogers Corp.’s books on August 31, 2014, when the company repays the principal and interest on the loan.

 

 

Answers

Alpha Geek
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Status NEW Posted 02 Jun 2017 07:06 AM My Price 4.00

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file 1496387693-Answer.docx preview (64 words )
A-----------nsw-----------er:----------- -----------Giv-----------en:----------- Lo-----------an -----------amo-----------unt-----------, t-----------ake-----------n b-----------y R-----------oge-----------rs -----------Cor-----------p. -----------On -----------Jul-----------y 1-----------, 2-----------014----------- = -----------$10-----------0,0-----------00 -----------Bas-----------ed -----------on -----------ent-----------ry -----------mad-----------e f-----------orÂ----------- ac-----------cru-----------al -----------of -----------int-----------ere-----------st -----------for----------- th-----------e m-----------ont-----------h o-----------f J-----------uly----------- 20-----------14,----------- we----------- fi-----------nd -----------int-----------ere-----------st -----------pay-----------abl-----------e f-----------or -----------1 m-----------ont-----------h =----------- $5-----------00 -----------Hen-----------ce -----------rat-----------e o-----------f i-----------nte-----------res-----------t p-----------er -----------ann-----------um -----------= $-----------500-----------*12----------- / -----------$10-----------0,0-----------00 -----------= 6-----------% ----------- ----------- -----------2. -----------Ans-----------wer-----------: E-----------ntr-----------ies----------- o-----------n R-----------oge-----------rs -----------Cor-----------p.â-----------€™s----------- bo-----------oks----------- on----------- Au-----------gus-----------t 3-----------1, -----------201-----------4: -----------a -----------
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