Homework Answers
Answer
--The adjusting entry would be
| Date | Accounts title | Debit | Credit |
| Dec-31 | Interest Expense (1000 units x $ 2750 x 10% x 6months/12) | $137,500 | |
| Interest Payable | $137,500 | ||
| (to adjust 6 month interest) |
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Brief Exercise 10-2
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(a)
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the proceeds of the note.
(b)
Prepare the journal entry to record
accrued interest at December 31, assuming adjusting entries are
made only at the end of the year.
(Credit account titles are automatically indented when
amount is entered. Do not indent manually. Record journal entries
in the order presented in the...
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Brief Exercise 10-2
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(a)
Prepare the journal entry to record
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(b)
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made only at the end of the year.
(Credit account titles are automatically indented when
amount is entered. Do not indent manually. Record journal entries
in the order presented in the...
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