Denise owns D's Coffee Shop. On March 1, D's Coffee Shop borrowed $5,000 from the Popular Credit bank. The annual intere

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Denise Owns D S Coffee Shop On March 1 D S Coffee Shop Borrowed 5 000 From The Popular Credit Bank The Annual Intere 1 (36.44 KiB) Viewed 9 times

Denise owns D's Coffee Shop. On March 1, D's Coffee Shop borrowed $5,000 from the Popular Credit bank. The annual interest rate is 8%. At the end of each quarter, D's Coffee Shop must pay $500 on the debt plus the interest on the loan for the quarter. Assume interest is due only on the unpaid amount of the loan. Assignment: 1) Determine the interest accrual for March 31 2) Make the adjusting entry to record the interest accrued on March 31 3) Make the adjusting entry to record the interest accrued on April 30 4) Record the payment due May 31