Determine journal entry of company


On November 1, 2013, the company borrowed $200,000 from a bank. The note requires principal and interest at 12% to be paid on April 30, 2014. I know the correct journal entry, but I can't figure out the number. Would it be 200,000 x .12 x (5/12)?

Solution Preview :

Prepared by a verified Expert
Finance Basics: Determine journal entry of company
Reference No:- TGS0552119

Now Priced at $10 (50% Discount)

Recommended (97%)

Rated (4.9/5)