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MCS,PHD
Argosy University/ Phoniex University/
Nov-2005 - Oct-2011
Professor
Phoniex University
Oct-2001 - Nov-2016
Exercise 4-17Â Working Backward: Interest Payable
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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:
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EXAMPLEÂ 4-8, 4-11
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EXAMPLEÂ 4-9, 4-11
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EXAMPLE 4-9
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Required
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1.       What is the interest rate on the loan? Explain your answer.
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2.       Prepare the entry on Rogers Corp.’s books on August 31, 2014, when the company repays the principal and interest on the loan.
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Hel-----------lo -----------Sir-----------/Ma-----------dam-----------Tha-----------nk -----------You----------- fo-----------r u-----------sin-----------g o-----------ur -----------web-----------sit-----------e a-----------nd -----------acq-----------uis-----------iti-----------on -----------of -----------my -----------sol-----------uti-----------on.-----------Ple-----------ase----------- pi-----------ng -----------me -----------on -----------cha-----------t I----------- am----------- on-----------lin-----------e o-----------r i-----------nbo-----------x m-----------e a----------- me-----------ssa-----------ge -----------I w-----------ill----------- be----------- ca-----------tch-----------