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Exercise 10-3 Dunder Company Ltd. borrowed S 170,000 from TD Bank on October 1, 2017,...

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Accounting

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Exercise 10-3 Dunder Company Ltd. borrowed S 170,000 from TD Bank on October 1, 2017, for a nine-month period; 4% interest is payable at maturity. Both companies have a December 31 year end and make adjusting entries annually For Dunder Company, record (1) the receipt of the bank loan on October 1, 2017; (2) the accrual of interest on December 31, 2017; and (3) the payment of the loan on July 1, 2018. (Credit account titles are automatically indented when the amount is entered. Do not indent manually.) Date Account Titles and Explanation Debit Credit (To record interest) Duly 1, 2018 (To record repayment of bank loan)

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