some of tbe values for part B were in correct Entries for and Financial Statement Presentation of

some of tbe values for part B were in correct

Transcribed Image Text:

Entries for and Financial Statement Presentation of a Note Augustine Corporation borrowed $53,000 from the J.P. Morgan Chase Bank on June 1, 2023, on a 3-year, 8.7% note. Interest is paid annually on May 31. If required, round amounts to the nearest dollar. Required: 1. Record the borrowing transaction in Augustine's journal. If an amount box does not require an entry, leave it blank. 2023, June 1 Cash Notes Payable Record issuance of note at par 61,000 X 61,000 X Feedback Check My Work 1. When bonds are issued, any premium or discount is recorded in a separate valuation account. 2. Prepare the adjusting entries made at December 31, 2023 and 2024. If an amount box does not require an entry, leave it blank. 2023, December 31 Interest Expense Interest Payable Record interest expense 3,096 X 3,096 X Entries for and Financial Statement Presentation of a Note Augustine Corporation borrowed $53,000 from the J.P. Morgan Chase Bank on June 1, 2023, on a 3-year, 8.7% note. Interest is paid annually on May 31. If required, round amounts to the nearest dollar. Required: 1. Record the borrowing transaction in Augustine's journal. If an amount box does not require an entry, leave it blank. 2023, June 1 Cash Notes Payable Record issuance of note at par 61,000 X 61,000 X Feedback Check My Work 1. When bonds are issued, any premium or discount is recorded in a separate valuation account. 2. Prepare the adjusting entries made at December 31, 2023 and 2024. If an amount box does not require an entry, leave it blank. 2023, December 31 Interest Expense Interest Payable Record interest expense 3,096 X 3,096 X