Use the Following Information for Questions

question 96

Short Answer

Use the following information for questions
On October 1, 2015, Mekhi's Golf Service Limited borrows $80,000 from Rigor Bank by signing a 3-month, $80,000, 4% bank loan.Interest is due the first of each month.
-What adjusting entry is required at December 31, 2015?

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Definitions:

Economic Function

The role that an individual, entity, or structure plays within the economy, influencing the distribution, production, and consumption of goods and services.

Profits and Losses

The financial gain or deficit that a business experiences, calculated as the difference between total revenues and total costs.

Income Distribution

The way in which a nation’s total earnings are spread among its population, affecting the economic inequality among different groups.

Competitive Industry Y

An industry where a large number of firms compete against each other to sell their goods or services, making no single firm able to control the market price.