Use the Following Information for Questions

question 53

Short Answer

Use the following information for questions
On January 1 of this year, Saratoga Bank agrees to lend Tilbury Corp. $150,000. Tilbury Corp. signs a $150,000, 4%, 9-month loan. Interest is due at maturity.
-What entry will Tilbury Corp make to repay the loan on September 30, assuming no further adjusting entries have been made since June 30?

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Definitions:

Southern Planters

Wealthy individuals in the antebellum South who owned large estates and relied on enslaved African Americans for labor.

Jay Treaty

A 1794 treaty between the United States and Great Britain that sought to settle outstanding issues from the American Revolutionary War and facilitated ten years of peaceful trade between the two countries.

Revolutionary War

The conflict between Great Britain and its Thirteen Colonies in North America from 1775 to 1783, which led to the colonies gaining independence and becoming the United States.

Appropriations Bills

Legislation passed by a legislative body to allocate government funds to specific federal government departments, agencies, and programs.