Chapter $8$ problem $2$

On September $1,2024,$ Hare Today pet$-$supply store Co$.$ borrowed $$7000$ from Gone Tomorrow Bank, signing a $6-$month, $12-$percent note. Interest is to be paid at maturity. Hare Today and Gone Tomorrow both have a December $31$ year$-$end.

Part $1$: Kecord the journal entry for the transaction for Hare Ioday, the borrower, on september $1,\frac{20}{{?}_4}.$ It more than one debit or credit is needed, place them in alphabetical order based on the account names. Round final answers to the second decimal place $($ie to the penny$).$

$\backslash$table$[[\backslash$table$[[\backslash$table$[[$Date$],[1-$Sep$]]]],$A$,L,$SE$,R,$E$,$NI$,$CF$,$Account,$\frac{?}{\text{b}\text{a}\text{r}}(DR),$CR$],[,,,,,,,,,,]]$

Part $2$: Prepare the appropriate adjusting entry, if needed, for Hare Today on December $31,2024.$ If more than one debit or credit is needed, place them in alphabetical order based on the account names.

Round final answers to the second decimal place $($ie to the penny$).$

$\backslash$table$[[$Date$,$A$,$L$,$SE$,$R$,$E$,$NI$,$CF$,$Account$],[31-$Dec,,,,,,,,$]]$

Part $3$: Record the entry at maturity to repay the note at maturity on March $1,2025.$ If more than one debit or credit is needed, place them in alphabetical order based on the account names.

$\backslash$table$[[$Date$,$A$,$L$,$SE$,$R$,$E$,$NI$,$CF$],[1-$Mar,,,,,,,$]]$

$\backslash$table$[[$Account$,$DR$,$CR$],[,,],[,,],[,,]]$