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QUESTION
HBC 2208 INTERMEDIATE ACCOUNTING II MAY- SEPTEMBER. 2015/16 ASSIGNMENT ONE: QUESTION ONE Cypress Oil Company's December 31, 2013, balance sheet...
December 1, 2014, the Macantile Investment Company borrowed KSHS.500,000 from Bank of
Baroda and signed a promissory note. Interest at 12% is payable monthly. The company assigned
KSHS.620,000 of its receivables as collateral for the loan. Bank of Baroda charges a finance fee
equal to 1.5% of the accounts receivable assigned.
Required:
Show the relevant journal entries as pertains cash difference, liability and finance expense.
