~Ghazi (religious warriors) travelled to Osman's land to help.
~Many Turkish warriors were also migrating westward to escape Mongol domination.
~Osman was an able leader and administrator and he was able to channel the energies of the Ghazi (religious warriors) and Turkish warriors against the Christian Byzantium.
~Osman also captured land to east along the Black Sea, and was poised to control the all-important trade from Black to Mediterranean Sea, but he lacked naval strength to do so.
~After the last Seljuk Sultan died (to whom Osman owed loyalty for the land grant to Osman's father that Osman later inherited), Osman waged fierce warfare against other Emirs (leaders) of the Anatolia area. He wanted to expand his realm and control to all of the Anatolian peninsula. (Remember that he waited until the last Seljuk Sultan died before attempting to conquer the rest of Anatolia out of a sense of loyalty)
~after Osman died, his heirs continued to conquer, and the Ottoman Empire came one of the largest and lengthiest (624 years!)
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Required: a. Calculate the loan proceeds made available to Powell and use the horizontal model (or write the journal entry) to show the effect of signing the note and the receipt of the cash proceeds on April 15, 2013. b. Calculate the amount of interest expense applicable to this loan during the fiscal year ended June 30, 2013. c. What is the amount of the current liability related to this loan to be shown in the June 30, 2013, balance sheet?
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Prepare the journal entries to record these transactions.