- sameday cash loans
- domain seller
On January 2nd, Premier Sales borrows $13500 cash on a note payable from Trusted Lenders with terms 90, days, 12% Premier Sales and Trusted Lenders uses a 360- day year for interest calculations. Premier Sales makes adjusting entries at the end of each calendar quarter. Journalize the initiation of the loan, the recognition of interest expense for the quarter and the payment of the note on its due date.
Im pretty sure how to do the payment and initiation but im not sure im right. also have no clue abou the recognition of interest expense. Thank you.
Im pretty sure how to do the payment and initiation but im not sure im right. also have no clue abou the recognition of interest expense. Thank you.
Financial accounting question?
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