Why the principal and interest are due at maturity, Accounting Basics

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Why the principal and interest are due at maturity

On June 30, 2008, Ram,Inc. borrowed $25,000 from Good Bank. In connection with the transaction, Ram executed an 8%, two-year promissory note.

a. If the note provides for simple interest with both principal and interest are due at maturity, what is the journal entry on each of the following dates: December 31, 2008 December 31, 2009 June 30, 2010

b. If the notes provides for interest compounded semiannually with both principal and interest are due at maturity, what is the journal entry on each of the following dates: December 31, 2008 December 31, 2009 June 30, 2010

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Accounting Basics: Why the principal and interest are due at maturity

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Accounting Basics: Why the principal and interest are due at maturity

Reference No:- TGS0714062

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