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MCS,PHD
Argosy University/ Phoniex University/
Nov-2005 - Oct-2011
Professor
Phoniex University
Oct-2001 - Nov-2016
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.
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-----------