Question Solved1 Answer Mei-ling is thinking of repaying all amounts outstanding to her grandmother. Recall that Matcha Creations borrowed NT$2,000 on November 16, 2021, from Mei-ling's grandmother. Interest on the note is 6% per year, and the note plus interest was to be repaid in 24 months. Recall that a monthly adjusting journal entry was prepared for the months of November 2021 (1/2 month), December 2021, and January 2022. Calculate the interest payable that was accrued and recorded to July 31, 2022, assuming monthly adjusting entries were made. (Round answer to 0 decimal places, e.g. 125.) Interest payable NT$ Prepare the journal entry at August 31, 2022, to record one month's accrued interest. (Credit account titles are automatically indented when amount is entered. Do not indent manually. Round answer to 0 decimal places, e.g. 125.) Debit Credit Date Account Titles and Explanation Aug. 31 Mei-ling repays her grandmother on September 15, 2022–10 months after her grandmother extended the loan to Matcha Creations. Prepare the journal entry for the loan repayment. (Credit account tities are automatically indented when amount is entered. Do not indent manually. Round answer to 0 decimal places, e.g. 125.) Debit Credit Date Account Titles and Explanation Sept. 15

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Transcribed Image Text: Mei-ling is thinking of repaying all amounts outstanding to her grandmother. Recall that Matcha Creations borrowed NT$2,000 on November 16, 2021, from Mei-ling's grandmother. Interest on the note is 6% per year, and the note plus interest was to be repaid in 24 months. Recall that a monthly adjusting journal entry was prepared for the months of November 2021 (1/2 month), December 2021, and January 2022. Calculate the interest payable that was accrued and recorded to July 31, 2022, assuming monthly adjusting entries were made. (Round answer to 0 decimal places, e.g. 125.) Interest payable NT$ Prepare the journal entry at August 31, 2022, to record one month's accrued interest. (Credit account titles are automatically indented when amount is entered. Do not indent manually. Round answer to 0 decimal places, e.g. 125.) Debit Credit Date Account Titles and Explanation Aug. 31 Mei-ling repays her grandmother on September 15, 2022–10 months after her grandmother extended the loan to Matcha Creations. Prepare the journal entry for the loan repayment. (Credit account tities are automatically indented when amount is entered. Do not indent manually. Round answer to 0 decimal places, e.g. 125.) Debit Credit Date Account Titles and Explanation Sept. 15
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Transcribed Image Text: Mei-ling is thinking of repaying all amounts outstanding to her grandmother. Recall that Matcha Creations borrowed NT$2,000 on November 16, 2021, from Mei-ling's grandmother. Interest on the note is 6% per year, and the note plus interest was to be repaid in 24 months. Recall that a monthly adjusting journal entry was prepared for the months of November 2021 (1/2 month), December 2021, and January 2022. Calculate the interest payable that was accrued and recorded to July 31, 2022, assuming monthly adjusting entries were made. (Round answer to 0 decimal places, e.g. 125.) Interest payable NT$ Prepare the journal entry at August 31, 2022, to record one month's accrued interest. (Credit account titles are automatically indented when amount is entered. Do not indent manually. Round answer to 0 decimal places, e.g. 125.) Debit Credit Date Account Titles and Explanation Aug. 31 Mei-ling repays her grandmother on September 15, 2022–10 months after her grandmother extended the loan to Matcha Creations. Prepare the journal entry for the loan repayment. (Credit account tities are automatically indented when amount is entered. Do not indent manually. Round answer to 0 decimal places, e.g. 125.) Debit Credit Date Account Titles and Explanation Sept. 15
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a) Interest payable = 2000*6%*1/12 = 10b) Journal entryDateAccount title and explanationDebitCreditAug 31,2022Interest expense10  Interest payable 10c) Journal entryDateAcc ... See the full answer