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Create the journal entries and t-accounts, for both unadjusted and adjusting entries, and for both parties...

Create the journal entries and t-accounts, for both unadjusted and adjusting entries, and for both parties to the transaction, to present the accounting flow of information for: (1) Creation, on January 1, 2017, of a $30,000,000 loan at 12 percent simple interest per annum; (2) each of the monthly journal entries; and (3) the entries for closure and payment in cash of the loan on December 31, 2017.

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Expert Solution

The following are the journal entries required for creation of loan, interest montly journal entries and closure and payment in cash of the loan:

The following are the T-accounts:

Hope they are helpful!!

ekkarill92 answered 2 years ago
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