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    CH 10

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    Grace Dana
    Mei-ling is thinking of repaying a loan from her grandmother to Matcha Creations. The loan was for NT$2,000 on November 16, 2017 at 6% annual interest to be repaid over 24 months. Journal entries have been made monthly to accrue the interest. The summary asks to calculate interest accrued as of July 31, 2018, record the August 31, 2018 interest, and the repayment on September 15, 2018.

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    CH 10

    Uploaded by

    Grace Dana
    241 views1 page
    Mei-ling is thinking of repaying a loan from her grandmother to Matcha Creations. The loan was for NT$2,000 on November 16, 2017 at 6% annual interest to be repaid over 24 months. Journal entries have been made monthly to accrue the interest. The summary asks to calculate interest accrued as of July 31, 2018, record the August 31, 2018 interest, and the repayment on September 15, 2018.

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    Mei-ling is thinking of repaying a loan from her grandmother to Matcha Creations. The loan was for NT$2,000 on November 16, 2017 at 6% annual interest to be repaid over 24 months. Journal entries have been made monthly to accrue the interest. The summary asks to calculate interest accrued as of July 31, 2018, record the August 31, 2018 interest, and the repayment on September 15, 2018.

    Copyright:

    © All Rights Reserved
    Download as DOCX, PDF, TXT or read online from Scribd
    Download as docx, pdf, or txt
    241 views1 page

    CH 10

    Uploaded by

    Grace Dana
    Mei-ling is thinking of repaying a loan from her grandmother to Matcha Creations. The loan was for NT$2,000 on November 16, 2017 at 6% annual interest to be repaid over 24 months. Journal entries have been made monthly to accrue the interest. The summary asks to calculate interest accrued as of July 31, 2018, record the August 31, 2018 interest, and the repayment on September 15, 2018.

    Copyright:

    © All Rights Reserved
    Download as DOCX, PDF, TXT or read online from Scribd
    Download as docx, pdf, or txt
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    MC10 MATCHA CREATIONS

    Mei-ling is thinking of repaying all amounts outstanding to her grandmother.


    Recall that Matcha Creations borrowed NT$2,000 on November 16, 2017, from
    Mei-lings grandmother. Interest on the note is 6% per year, and the note plus
    interest was to be repaid in 24 months. Recall that a monthly adjusting journal
    entry was prepared for the months of November 2017 (1/2 month), December
    2017, and January 2018.

    Instructions
    (a) Calculate the interest payable that was accrued and recorded to July
    31, 2018, assuming monthly adjusting entries were made.
    (b) Prepare the journal entry at August 31, 2018, to record one months
    accrued interest.
    (c) Mei-ling repays her grandmother on September 15, 201810 months
    after her grandmother extended the loan to Matcha Creations. Prepare
    the journal entry for the loan repayment.

    ______________________________________________________________________________
    Copyright 2016 John Wiley & Sons, Inc. Weygandt Financial Accounting IFRS 3e Matcha Creations
    (For Instructor Use Only)

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