Included in Pronghorn Corp's December 31, 2023 trial balance is a note payable of $19,400. The...
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Included in Pronghorn Corp's December 31, 2023 trial balance is a note payable of $19,400. The note is an eight-month, 12% note dated October 1, 2023. Prepare Pronghorn's December 31, 2023 adjusting entry to record the accrued interest, and June 1, 2024 journal entry to record payment of principal and interest due to the lender. (List all debit entries before credit entries. Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts.) Date Account Titles and Explanation Debit Credit Included in Pronghorn Corp's December 31, 2023 trial balance is a note payable of $19,400. The note is an eight-month, 12% note dated October 1, 2023. Prepare Pronghorn's December 31, 2023 adjusting entry to record the accrued interest, and June 1, 2024 journal entry to record payment of principal and interest due to the lender. (List all debit entries before credit entries. Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts.) Date Account Titles and Explanation Debit Credit
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To record the accrued interest on December 31 2023 we need to calculate the inte... View the full answer
Related Book For
Intermediate Accounting
ISBN: 978-0176509736
10th Canadian Edition, Volume 1
Authors: Donald Kieso, Jerry Weygandt, Terry Warfield, Nicola Young,
Posted Date:
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