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Aug. 1 Great Adventures obtains a $42,000 low-interest loan for the company from the city...

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Accounting

Aug. 1 Great Adventures obtains a $42,000 low-interest loan for the company from the city council, which has recently passed an initiative encouraging business development related to outdoor activities. The loan is due in three years, and 6% annual interest is due each year on July 31.

Record the adjusting entries as of December 31st, 2018

  • Interest expense on the $42,000 loan obtained from the city council on August 1 should be recorded.

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