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  3. the company took out a bank loan of $60,000 with a

The company took out a bank loan of $60,000 with an annual interest rate of...

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Accounting

The company took out a bank loan of $60,000 with an annual interest rate of 5%. The loan terms require a $1,000 principal repayment on the last day of each month plus interest.Paid $6,300 for three months' rent in advance (April, May, June).2Purchased $25,000 of equipment paying 25% down and agreeing to pay the balance in two years.56Purchased inventory for $19,000 on credit.10Sold $16,000 worth of inventory on account for $23,000.15Paid wages of $1,100.20Collected $8,000 cash from customers for sales previously made on account on April 10th.25Paid suppliers $3,000 for goods previously purchased on account on April 6.31Recognized one month of rent expense for April.31Zoey made the loan payment required under the terms of the borrowing agreement.

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