Problem
Wendys corp borrows $500K from frostys Bank on February 1, 20X8. The principal will not be repaid until the end of 6 years, but interest payments are due every February 1 and August 1. The interest is 4% annually. Record the journal entry necessary for each of the following
a.) The signing of the loan.
b.) The payment of interest on August 1, 20X8
The response should include a reference list. Double-space, using Times New Roman 12 pnt font, one-inch margins, and APA style of writing and citations.