Could someone please help me journalize this one? I have been stuck on it all day!
Business Ltd took out a loan of $10,000 from the bank for two years. The loan is to be repaid at the end of the loan term. The interest on the loan is due monthly at the end of each month at a rate of 5% p.a., but paid on the first day of the following month. The interest is calculated on a monthly basis but not compounded.
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