Adjusting Entries for Interest At December 31, 2011, Portland Corporation had two notes payable outstanding (notes...
Adjusting Entries for Interest At December 31, 2011, Portland Corporation had two notes payable outstanding (notes 1 and 2). At December 31, 2012, Portland also had two notes payable outstanding (notes 3 and 4). These notes are described below.
Date of note /Principal Amount /Interest Rate /Number of Days /
December 31, 2011
Note 1 November 25, 2011 / $27,000 / 9% / 90
Note 2 December 16, 2011 / 16,800 / 8% / 60
December 31, 2012
Note 3 December 11, 2012 / 15,400 / 10% / 120
Note 4 December 07, 2012 / 18,000 / 9% /90
Required
a. Prepare the adjusting entries for interest at December 31, 2011.
b. Assume that the adjusting entries were made at December 31, 2011, and that no adjusting entries were made during 2012. Prepare the 2012 journal entries to record payment of the notes that were outstanding at December 31, 2011.
c. Prepare the adjusting entries for interest at December 31, 2012. Round answers to nearest dollar. Use 360 days for interest calculations when applicable.
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Adjusting Entries for Interest At December 31, 2011, Portland
Corporation had two notes payable outstanding (notes...
Adjusting Entries for Interest At December 31, 2011, Portland Corporation had two notes payable outstanding (notes...
Adjusting Entries for Interest At December 31, 2011, Portland Corporation had two notes payable outstanding (notes 1 and 2). At December 31, 2012, Portland also had two notes payable outstanding (notes 3 and 4). These notes are described below. Principal Amount Interest Rate Number of Days Date of note December 31, 2011 Note 1 November 25, 2011 Note 2 December 16, 2011 December 31, 2012 Note 3 December 11, 2012 Note 4 December 07, 2012 $29,000 18,800 896 996 17,400...
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Adjusting Entries for Interest At December 31, 2011, Portland Corporation had two notes payable outstanding (notes 1 and 2). At December 31, 2012, Portland also had two notes payable outstanding (notes 3 and 4). These notes are described below. Principal Amount Interest Rate Number of Days Date of note December 31, 2011 Note 1 November 25, 2011 Note 2 December 16, 2011 December 31, 2012 Note 3 December 11, 2012 Note 4 December 07, 2012 $29,000 18,800 896 996 17,400...
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