On December 31, 2023, Bonita Link Corporation received a four-year, 6%, $572,000 bank loan. The terms provide for payment of thebank loan with semi-annual instalment payments of $81,485 principal and interest, starting on June 30. Bonita has a March 31 yearend and records adjusting entries annually. Record the first two instalment payments, on June 30, 2024, and December 31, 2024. (Credit account titles are automaticallyindented when the amount is entered. Do not indent manually. Record journal entries in the order presented in the problem. If no entry isrequired, select "No Entry" for the account titles and enter O for the amounts. List all debit entries before credit entries. Round answers to 0decimal places, eg. 1,234.)DateJune 30Dec. 31Account TitlesBank Loan PayableInterest PayableInterest ExpensecashInterest ExpenseBank Loan PayableCashDebitCredit

Loan repayment involves repayment of the principal borrowed along with the interest accruing on the…

On December 31, 2023, Bonita Link Corporation received a four-year, 6%, $572,000 bank loan. The terms provide for payment of the bank loan with semi-annual instalment payments of $81,485 principal and interest, starting on June 30. Bonita has a March 31 year end and records adjusting entries annually.

On December 31, 2023, Bonita Link Corporation received a four-year, 6%, $572,000 bank loan. The terms provide for payment of the bank loan with semi-annual instalment payments of $81,485 principal and interest, starting on June 30. Bonita has a March 31 year end and records adjusting entries annually.

Intermediate Accounting: Reporting And Analysis

3rd Edition

ISBN:9781337788281

Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Chapter6: Cash And Receivables

Section: Chapter Questions

Problem 10RE: On December 1 of the current year, Jordan Inc. assigns 125,000 of its accounts receivable to...

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