Ang Hsu Enterprises had the following transactions involving notes payable (amounts in thousands). July 1, 2020 Borrows
Question:
Ang Hsu Enterprises had the following transactions involving notes payable (amounts in thousands).
July 1, 2020 Borrows NT$50,000 from First Taiwan Bank by signing a 9-month, 8% note.
Nov. 1, 2020 Borrows NT$60,000 from Nantou City Bank by signing a 3-month, 6% note.
Dec. 31, 2020 Prepares adjusting entries.
Feb. 1, 2021 Pays principal and interest to Nantou City Bank.
Apr. 1, 2021 Pays principal and interest to First Taiwan Bank.
Instructions
Prepare journal entries for each of the transactions.
Fantastic news! We've Found the answer you've been seeking!
Step by Step Answer:
Related Book For
Accounting Principles
ISBN: 978-1119419617
IFRS global edition
Authors: Paul D Kimmel, Donald E Kieso Jerry J Weygandt
Question Posted: