On September 1, 2016, The Ivy School obtained a bank loan of $12,000 with an annual interest rate of 10% for a year. The firm is obligated to pay back the principal plus all related interest on August 31, 2017. Provide all necessary journal entries for the school in 2016.
JOURNAL ENTRIES FOR 2016 :
| DATE | ACCOUNTS & EXPLANATION | DEBIT | CREDIT |
| 2016 | |||
| Sep 1 | Cash a/c | 12000 | |
| 10% Bank Loan A/c | 12000 | ||
| (To record bank loan taken) | |||
| Dec 31 | Interest on loan expenses a/c (12000*10%*4/12) | 400 | |
| Interest on loan payable | 400 | ||
| (To record interest on loan accured) |
Notes : Question is done on this basic assumption that school’s books of accounts are closed on every dec 31.
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