Crane Limited borrowed $75,600 from National Limited on July 1 and Issued a three-month note payable...

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Crane Limited borrowed $75,600 from National Limited on July 1 and Issued a three-month note payable at 6% due at maturity on October 1. Crane's year end Is August 31 and the company records adjusting entries only at that time. (a) Your answer is correct. Prepare the journal entry that National Limited would record on the note It received from Crane Limited, assuming It makes adjusting entries monthly, for the payment of $75,600 to Crane Limited on July 1. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts. List debit entry before credit entry.) (b) Date Account Titles July 1 Notes Receivable Cash eTextbook and Media List of Accounts Your answer is partially correct. Debit Credit 75600 75600 Assistance Used Attempts: unlimited Prepare the journal entries that National Limited would record on the note It received from Crane Limited, assuming it makes adjusting entries monthly, for the accrual of Interest Income on July 31, August 31, and September 30. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts. Record journal entries in the order presented in the question statement. List all debit entries before credit entries.) ite Account Titles Interest Receivable Interest Income Interest Receivable Interest Income Interest Receivable Interest Income Debit Credit 378 2268 1134 378 756 1512 Crane Limited borrowed $75,600 from National Limited on July 1 and Issued a three-month note payable at 6% due at maturity on October 1. Crane's year end Is August 31 and the company records adjusting entries only at that time. (a) Your answer is correct. Prepare the journal entry that National Limited would record on the note It received from Crane Limited, assuming It makes adjusting entries monthly, for the payment of $75,600 to Crane Limited on July 1. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts. List debit entry before credit entry.) (b) Date Account Titles July 1 Notes Receivable Cash eTextbook and Media List of Accounts Your answer is partially correct. Debit Credit 75600 75600 Assistance Used Attempts: unlimited Prepare the journal entries that National Limited would record on the note It received from Crane Limited, assuming it makes adjusting entries monthly, for the accrual of Interest Income on July 31, August 31, and September 30. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts. Record journal entries in the order presented in the question statement. List all debit entries before credit entries.) ite Account Titles Interest Receivable Interest Income Interest Receivable Interest Income Interest Receivable Interest Income Debit Credit 378 2268 1134 378 756 1512