Question

What is the journal entry if

The firm obtained a note from Mars bank amounting to P200,000. The note bears a 6% annual interest payable every June 1 of the following year. The principal is payable in two equal annual installments.

I'm also looking for explaination

Answer 1

Answer:

JOURNAL ENTRIY -

▪︎A journal entry is the act of keeping or making records of any transactions either economic or non-economic. Transactions are listed in an accounting journal that shows a company's debit and credit balances. The journal entry can consist of several recordings, each of which is either a debit or a credit.

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