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raule_IONI 1) (80 pts) On June 1, Huntley Company borrows $50,000 from the bank by signing...
On June 1, Huntley Company borrows $50,000 from the bank by signing a 60-day, 6%, interest-bearing note. Prepare the necessary entries below associated with the note payable on the books of Huntley Company. Prepare the entry on June 1 when the note was issued. (Credit account titles are automatically indented when the amount is entered. Do not indent manually.) Date Account Titles and Explanation Debit Credit June 1 enter an account title enter a debit amount enter a credit amount...
On June 1, Pearl Ltd borrows $20,000 from their bank by signing a 2 month, 12%, interest-bearing note. Prepare the necessary entries below associated with the note payable on the books of Pearl Ltd. Required: (a) Prepare the entry on June 1 when the note was issued. (b) Prepare any adjusting entries necessary on 30 June in order to prepare the monthly financial statements. Assume no other interest accrual entries have been made. (c) Prepare the entry to record payment...
Windsor, Inc borrows $61,200 on July 1 from the bank by signing a $61,200,6%, 1-year note payable. (a) Prepare the journal entry to record the proceeds of the note.(b) Prepare the journal entry to record the accrued interest at December 31, assuming adjusting entries are made only at the end of the year.
Bonita Company borrows 60,000 on July 1 from the bank by signing a 60,000, 10%, one year note payable. prepare the journal entry to record the proceeds of the note. prepare the journal entry to record accrued interest at December 31, assuming adjusting entries are made only at the end of the year
Oriole Company borrows $93,600 on July 1 from the bank by signing a $93,600,7%, 1-year note payable. Prepare the journal entry to record the proceeds of the note. Prepare the journal entry to record the accrued interest at December 31, assuming adjusting entries are made only at the end of the year.
Oriole Company borrows $93,600 on July 1 from the bank by signing a $93,600,7%, 1-year note payable. (a) Prepare the journal entry to record the proceeds of the note. (b) Prepare the journal entry to record the accrued interest at December 31, assuming adjusting entries are made only at the end of the year.
Midock, Inc. borrows $76,800 on July 1 from the bank by signing a $76,800, 6%, 1-year note payable. Prepare the journal entry to record the proceeds of the note. Date Account Titles and Explanations Debit Credit July 1 Prepare the journal entry to record the accrued interest at December 31, assuming adjusting entries are made only at the end of the year. Date Account Titles and Explanations Debit Credit Dec 31
Cullumber Company borrows $87.600 on July 1 from the bank by signing a $87,600, 10%, 1-year note payable. Prepare the journal entry to record the proceeds of the note. (Credit account titles are automatically indented when amount is ent Debit Credit Date Account Titles and Explanation July 1 Prepare the journal entry to record the accrued interest at December 31, assuming adjusting entries are made only at the end of the manually.) Date Account Titles and Explanation Debit Credit Dec...
On November 30, ABC corporation borrows $79,000 from the bank by signing a 60 day, 8% note agreement. Round values to 2 decimal places. a) Calculate the maturity date of the note. January 29 b) Calculate the interest that should be accured on this note at December 31st and write the journal entry to record the accrual. Date Description Debit Credit 12/31 Interest Expense Interest Payable to accrue interest on note to bank ToH
On November 30, ABC corporation borrows $79,000 from the bank by signing a 60 day, 8% note agreement. Round values to 2 decimal places a) Calculate the maturity date of the note. Select an answer b) Calculate the interest that should be accured on this note at December 31st and write the journal entry to record the accrual. Date Description Debit Credit 12/31 to accrue interest on note to bank Get help: Video Points possible: 8 Unlimited attempts.