Hanna Company borrows $80,000 on July 1 from the bank by signing a $80,000, 10%, one-year note

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Hanna Company borrows $80,000 on July 1 from the bank by signing a $80,000, 10%, one-year note payable.

(a) Prepare the journal entry to record the proceeds of the note.

(b) Prepare the journal entry to record accrued interest at December 31, assuming adjusting entries are made only at the end of the year.

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Accounting Principles

ISBN: 978-0470533475

9th Edition

Authors: Jerry J. Weygandt, Paul D. Kimmel, Donald E. Kieso

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Question Posted: Sep 13, 2011 08:37 AM

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Hanna Company borrows $80,000 on July 1 from the bank by signing a $80,000, 10%, one-year note

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