Question

Brief Exercise 13-2 Sunland Company borrowed \$37,200 on November 1, 2017, by signing a \$37,200, 9%, 3-month note. Prepare Sunland’s November 1, 2017, entry; the December 31, 2017, annual adjusting entry; and the February 1, 2018, entry. (If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts. Credit account titles are automatically indented when amount is entered. Do not indent manually.)

 Date Accounts Titles & Explanation Debit Credit 2017 \$ \$ Nov-01 Cash 37200 Notes Payable 37200 (Being entry recorded) 2017 Interest expense (\$37200*9%)*2 months/12 months 558 Dec-31 Interest payable 558 (Being entry recorded for interest expense) 2018 Interest expense 279 Feb-01 Interest payable 558 Notes payable 37200 Cash 38037 (Being entry recorded)

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