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Question - On 1 July 2018 BBA Limited arranged a bank loan of $100,000 at 12% interest per year. Interest is paid to the bank every 6 months, the interest for the period to 30 June 2019 is to be charged by the bank on 1 July. Loan repayments will commence in 2020. What is the adjusting entry as at 30 June 2019?
a. Debit Interest Expense $6,000; Cash at Bank $6,000.
b. Debit Interest Expense $12,000; Credit Interest Payable $12,000.
c. Debit Interest Payable $6,000; Credit Interest Expense $6,000.
d. Debit Interest Expense $6,000; Credit Interest Payable $6,000.
Dividends from Montreal-based corporation 225,000. What is Playhouse Partnership's ordinary income for the current year
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Create a PowerPoint presentation for a seminar aimed at future business owners. Explain the meaning and importance of economic substance and how it relates to the financial statements.
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Imagine you are the assistant controller in charge of general ledger accounting at Linbarger Company. Your company has a large loan from an insurance company.
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