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The entries for closure and payment in cash of the loan on

'Each student should include the journal entries and t-accounts, for both unadjusted and adjusting entries, and for BOTH PARTIES to the transaction, to present the accounting flow of information for: (1) Creation, on January 1, 2016, of a $10,000,000 loan at 12 percent simple interest per annum; (2) each of the monthly journal entries; and (3) the entries for closure and payment in cash of the loan on December 31, 2016.'

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Accounting Basics: The entries for closure and payment in cash of the loan on

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