Question
On April 1, 2013, Ringo Company borrowed $20,000 from its bank by using a 9%, 12 month note, with the interest to be paid on the maturity date.
I need to know the amount of interest on the maturity date, the names of accounts the amount goes under, then I need to find the amounts and names for the reversing entry for the interest.
I need to know the amount of interest on the maturity date, the names of accounts the amount goes under, then I need to find the amounts and names for the reversing entry for the interest.
Answers
Saydur
10,000