Question: ASSIGNMENT 2 CHAPTER 11: CURRENT LIABILITIES PRINCIPLES OF ACCOUNTING II (ACC220) SEMESTER 2, 2021-2022 QUESTION 1 [5 MARKS] On April 1, Sunshine Company borrows $150,000

ASSIGNMENT 2 CHAPTER 11: CURRENT LIABILITIES PRINCIPLES OF ACCOUNTING II (ACC220) SEMESTER 2, 2021-2022 QUESTION 1 [5 MARKS] On April 1, Sunshine Company borrows $150,000 from High Standard Bank by signing a 6-month, 8%, interest-bearing note. REQUIRED: Prepare the necessary entries below associated with the note payable on the books of Sunshine Company. (a) Prepare the entry on April 1 when the note was issued. (b) Prepare any adjusting entries necessary on June 30 to accrue interest. (c) Prepare the adjusting entry at August 31 to accrue interest. (d) Prepare the entry to record payment of the note at maturity. ago 1043 199 words English (United States) Focus

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