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How much would you debit interest expense on January

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Reference no: EM133091050

Question - The business takes out a loan on the 1st January for 10,000. On January 31st they send a payment of 1,130 to the bank. 1,000 to reduce the amount borrowed and 130 in interest.

1. How much would you debit cash on January 1st.

2. How much would you credit cash on January 31st?

3. How much would you debit interest expense on January 31st.

4. What would be the balance of your loan account on February 1st?

5. What would be the effect on owners equity?

Reference no: EM133091050

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