quesnel inc has a number of outstanding loans for each of the following situations r 4373111

Quesnel Inc. has a number of outstanding loans. For each of the following situations, record the adjusting journal entry that would be required at year-end to accrue the interest expense. In each case, assume that the year end is December 31:a. A $100,000 bank loan with an annual interest rate of 5 percent, interest payable on July 31 and January 31.b. A $25,000 five-year note payable with annual interest of 6 percent per year, payable annually on October 31.c. An 8 percent, $1,000,000 loan from a shareholder with interest payable quarterly on December 31, March 31, June 30, and September 30.d. A 7 percent, $700,000 bank loan with interest payable quarterly on January 2, April 2, July 2, and October 2.View Solution:
Quesnel Inc has a number of outstanding loans For each

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