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Math Help - Loans and Interest Rates

  1. #1
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    Loans and Interest Rates

    How do I journalize this entry?

    A company received $10,000 from the owner's parents as a loan. The company must repay this money at the end of 5 years. The annual interest rate is 5%.

    Thanks for any help!
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  2. #2
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    What is the repayment period?
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  3. #3
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    Quote Originally Posted by dimpleyy View Post
    How do I journalize this entry?
    Please define "journalize".

    Like, do you mean more than 1 entry, as example the annual "expense" GL entry?
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