On 1st january 2008 barrel took out a 15000 loan the loan, Accounting Basics

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On 1st january 2008 barrel took out a 15000 loan the loan

Question: On 1st January 2008 Barrel took out a $15000 loan. The loan was repayable in eight installments of $2100 commencing on 1stApril 2008 and finishing on the 1st January 2x9. $225 of each of each installment relates to interest:

Required: Write up the loan account, interest expense account and the bank account for 2008. Balance off the loan account at the end of the year.

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Accounting Basics: On 1st january 2008 barrel took out a 15000 loan the loan

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Accounting Basics: On 1st january 2008 barrel took out a 15000 loan the loan

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