Huddart Company gave a creditor a 90-day. 8% note payable for $7.200 on December 16. a. Prepare
Question:
Huddart Company gave a creditor a 90-day. 8% note payable for $7.200 on December 16.
a. Prepare the journal entry to record the year-end December 31st accounting adjustment Huddart must make. (Round to the nearest dollar.)
b. Post the journal entries from part a to their respective T-accounts.
c. Record the transaction from part a in the financial statement effects template.
Balance Sheet Income Statement Liabil- ities Earned Capital Net Expenses = Income Cash Noncash Contrib. Revenues - Transaction Asset Assets Capital
Step by Step Answer:
a Interest expense E...View the full answer
Financial Accounting
ISBN: 9781618533111
6th Edition
Authors: Michelle L. Hanlon, Robert P. Magee, Glenn M. Pfeiffer, Thomas R. Dyckman
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A journal entry is an act of keeping or making records of any transactions either economic or non-economic. Transactions are listed in an accounting journal that shows a company\'s debit and credit balances. The journal entry can consist of several recordings, each of which is either a debit or a credit
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