Use the Following Information for Questions

question 23

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.
-The entry by Mekhi's Golf Service to record payment of the loan and accrued interest on January 1, 2016 is

---

Definitions:

North American

Refers to anything related to the continent that comprises the northern part of America, including Canada, the United States, Mexico, and Greenland.

Virginia Company

The Virginia Company was a joint-stock company chartered by King James I of England in the early 17th century with the purpose of establishing settlements on the coast of North America.

Headright System

A land grant policy that provided settlers a certain amount of land for each indentured servant they transported to America, primarily used in the colonial period.

Colony Development

The process of establishing and expanding colonies, often by a foreign power, leading to exploration, settlement, and economic exploitation of the colonized area.