Revenues have what effect on the accounting equation? Allen Inc. took out a one-year, 8%, $100,000 loan on March 31, 2021. Interest is due upon maturity of the loan. What adjusting entry, if any, should Allen Inc.
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The LaGrange Corporation had the following budgeted sales for the first half of the current year: Cash Sales Credit Sales January $ 30,000 $ 130,000 February $ 35,000 $ 150,000 March $ 36,000 $ 110,000 April $ 31,000 $ 116,000 May $ 41,000 $ 180,000
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