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Joni Corporation borrows $500,000 from Friendly Bank on February 1, 20X8. The principal will not...

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Accounting

Joni Corporation borrows $500,000 from Friendly Bank on February 1, 20X8. The principal will not be repaid until the end of six years, but interest payments are due every February 1. The interest rate is 4 percent annually. Record the journal entry necessary for each of the following:

  1. The signing of the loan
  2. The interest accrual on December 31, 20X8
  3. The payment of interest on February 1, 20X9

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