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Preapre the initial entry and adjustment needed on december

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1. On April 1, 2019, Abt Associates loaned another company, Plainville Company, $37,000. The interest on the loan is 6% and both the interest and the loan will be paid twenty four months later on March 31, 2021.

Question a. Record the initial entry and the adjustment needed on December 31, 2019

Question b If Abt Associates made a mistake and didn't record an adjustment on December 31, 2019, would their net income have been overstated (too high) or understated (too low)?

Reference no: EM132462734

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