Prepare the required adjusting journal entry on wednesday

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Problem

Florian's Funfest provides event planning and began operations on January 1 of 2031. Its year end is December 31 and it prepares annual financial statements and adjusts its accounts annually. On July 1, 2031, Florian loaned $100,000 to an new employee so they could relocate to Vancouver. The loan plus interest is to be repaid on January 1, 2032. The interest rate on this loan is 6%. Florian prepares adjusting entries annually and the employee will repay the loan plus interest on the due date. Get the instant assignment help. REQUIRED: Prepare the required adjusting journal entry on Wednesday December 31, 2031.

Reference no: EM133900957

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