How do i make a Journal entry for:
11/1/2018 Mr. Rosen is approached by a business associate who needs $40,000 to expand her business. After talking with the other Eagle View owners, Mr. Rosen agrees to loan the money at a rate of 1.2 %, with interest compounded and payable quarterly and principal due in four years. Others would only lend at a minimum rate of 4 %.
What account and why?
Debit to a receivable... View the full answer