Solution
Date | Accounts title | Debit | Credit |
Jul-01 | Cash | $ 68,400.00 | |
Notes payable | $ 68,400.00 | ||
(To record loan proceeds) | |||
Dec-31 | Interest expense | $ 2,736.00* | |
Interest payable | $ 2,736.00 | ||
(to record interest on notes payable acrcued) |
*(68400 x 8%)/12 x 6
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