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watching
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28 Sep 2019
Please explain this and show each step..
On August 1, 2014 Y borrowed $1,000,000 at 3%. Y pays interest every 6 months with interest payments every February 1 and August 1. Y will repay $400,000 of the principal on August 1, 2015 and the remainder on February 1, 2016. Assume Y only makes AJEs every December 31 AND does NOT make reversing entries. Prepare the entries Y should make on:
a) August 1, 2014
b) December 31, 2014
c) February 1, 2015
d) August 1, 2015
e) December 31, 2015
f) February 1, 2016
Please explain this and show each step..
On August 1, 2014 Y borrowed $1,000,000 at 3%. Y pays interest every 6 months with interest payments every February 1 and August 1. Y will repay $400,000 of the principal on August 1, 2015 and the remainder on February 1, 2016. Assume Y only makes AJEs every December 31 AND does NOT make reversing entries. Prepare the entries Y should make on:
a) August 1, 2014
b) December 31, 2014
c) February 1, 2015
d) August 1, 2015
e) December 31, 2015
f) February 1, 2016
Jamar FerryLv2
28 Sep 2019