Glendive takes out a 12%, 90-day, $100,000 loan with Second State Bank on March 1, 2014. Assume
Question:
Glendive takes out a 12%, 90-day, $100,000 loan with Second State Bank on March 1, 2014. Assume that Glendive prepares adjusting entries only four times a year: on March 31, June 30, September 30, and December 31.
Required
1. Prepare the journal entry on March 1, 2014.
2. Prepare the adjusting entry on March 31, 2014.
3. Prepare the entry on May 30, 2014, when Glendive repays the principal and interest to Second State Bank.
Step by Step Answer:
1 2 3 Journal Mar 1 Entry Analysis Cash Notes Pay...View the full answer
Financial Accounting The Impact on Decision Makers
ISBN: 978-1285182964
9th edition
Authors: Gary A. Porter, Curtis L. Norton
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A journal entry is an act of keeping or making records of any transactions either economic or non-economic. Transactions are listed in an accounting journal that shows a company\'s debit and credit balances. The journal entry can consist of several recordings, each of which is either a debit or a credit
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