In this exercise, we will continue the accounting for Sensations Salon, Inc. Assume that on September 30,
Question:
In this exercise, we will continue the accounting for Sensations Salon, Inc. Assume that on September 30, 2018, Sensations Salon, Inc., borrowed $6,500 from State Bank, signing a nine-month, 71∕2 percent note. The fiscal year end is December 31.
Requirement
Prepare the journal entries required on September 30, 2018, December 31, 2018, and June 30, 2019, to record the transactions related to the note. Round your answers to the nearest dollar.
Step by Step Answer:
Journal DATE ACCOUNTS AND EXPLANATIONS DEBIT CREDIT 2...View the full answer
Related Video
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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