On July 1, 2020, Concord Ltd. borrowed $15,500 by signing a two-year, 4% note payable. The...

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On July 1, 2020, Concord Ltd. borrowed $15,500 by signing a two-year, 4% note payable. The note is payable in two annual instalments of $8,218 on June 30. The company records adjusting journal entries annually at year end on December 31. (a) Record (1) the receipt of the $15,500 cash and the issue of the note on July 1, 2020; (2) the accrual of interest on December 31. 2020; (3) the first payment on June 30, 2021; and (4) the accrual of interest on December 31, 2021. (Round answers to the nearest whole dollar, e.g. 5,275. Credit account titles are automatically indented when the amount is entered. Do not indent manually. List all debit entries before credit entries.) Date Account Titles and Explanation 2020 2021 Debit Credit On July 1, 2020, Concord Ltd. borrowed $15,500 by signing a two-year, 4% note payable. The note is payable in two annual instalments of $8,218 on June 30. The company records adjusting journal entries annually at year end on December 31. (a) Record (1) the receipt of the $15,500 cash and the issue of the note on July 1, 2020; (2) the accrual of interest on December 31. 2020; (3) the first payment on June 30, 2021; and (4) the accrual of interest on December 31, 2021. (Round answers to the nearest whole dollar, e.g. 5,275. Credit account titles are automatically indented when the amount is entered. Do not indent manually. List all debit entries before credit entries.) Date Account Titles and Explanation 2020 2021 Debit Credit

Answer rating: 100% (QA)

July 1 2020 Cash15500 Note Payable15500 Record receipt of cash and issue of note ... View the full answer