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13 August, 14:12

A company borrows $38,000 with 7% interest on october 1, 2018. this amount plus interest is due on september 30, 2019. record the adjusting entry on december 31, 2018. (if no entry is required for a transaction/event, select "no journal entry required" in the first account field.)

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  1. 13 August, 14:22
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    record the adjusting entry on december 31, 2018.

    Interest expense 180

    Loan 3.104

    Cash 3.284

    Explanation:

    Date Payment Interest Principal Balance

    38.000,00

    1 10/31/18 3.284,25 214,86 3.069,39 34.930,61

    2 11/30/18 3.284,25 197,50 3.086,75 31.843,86

    3 12/31/18 3.284,25 180,05 3.104,20 28.739,66

    4 1/31/19 3.284,25 162,50 3.121,75 25.617,91

    5 2/28/19 3.284,25 144,85 3.139,40 22.478,51

    6 3/31/19 3.284,25 127,10 3.157,15 19.321,36

    7 4/30/19 3.284,25 109,25 3.175,00 16.146,36

    8 5/31/19 3.284,25 91,29 3.192,96 12.953,40

    9 6/30/19 3.284,25 73,24 3.211,01 9.742,39

    10 7/31/19 3.284,25 55,08 3.229,17 6.513,22

    11 8/31/19 3.284,25 36,83 3.247,42 3.265,80

    12 9/30/19 3.284,27 18,47 3.265,80 0,00

    Interest expense 180

    Loan 3.104

    Cash 3.284
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