On June 1, Crane Company Ltd. borrows from Scotiabank on a 6-month, $32,800, 9% note. The...

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On June 1, Crane Company Ltd. borrows from Scotiabank on a 6-month, $32,800, 9% note. The note matures on December 1. Interest is due monthly starting July 1. Crane only prepares adjusting entries at its fiscal year end. Prepare the entry on June 1. (Credit account titles are automatically indented when the 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. List debit entry before credit entry.) Date Account Titles June 1 eTextbook and Media List of Accounts Debit Credit Prepare the adjusting entry on June 30, Crane's fiscal year end. (Credit account titles are automatically indented when the 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. List debit entry before credit entry.) Date Account Titles June 30 eTextbook and Media List of Accounts Debit Credit Prepare the entry to record the payment of interest on July 1. (Credit account titles are automatically indented when the 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. List debit entry before credit entry.) Date Account Titles July 1 Debit Credit On June 1, Crane Company Ltd. borrows from Scotiabank on a 6-month, $32,800, 9% note. The note matures on December 1. Interest is due monthly starting July 1. Crane only prepares adjusting entries at its fiscal year end. Prepare the entry on June 1. (Credit account titles are automatically indented when the 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. List debit entry before credit entry.) Date Account Titles June 1 eTextbook and Media List of Accounts Debit Credit Prepare the adjusting entry on June 30, Crane's fiscal year end. (Credit account titles are automatically indented when the 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. List debit entry before credit entry.) Date Account Titles June 30 eTextbook and Media List of Accounts Debit Credit Prepare the entry to record the payment of interest on July 1. (Credit account titles are automatically indented when the 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. List debit entry before credit entry.) Date Account Titles July 1 Debit Credit

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June 1 No entry is required on June 1 as it is the date ... View the full answer