During 2024, Sarasota Co. borrowed cash from Blossom Company by issuing notes payable as follows: 1...

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During 2024, Sarasota Co. borrowed cash from Blossom Company by issuing notes payable as follows: 1 2. June 1, 2024, issued an eight-month. 4% note for $78.000. Interest and principal are payable at maturity. October 1, 2024, issued a three-month 6%-note for $48,000. Interest is payable monthly on the first day of the month Principal is payable at maturity. Sarasota has a November 30 fiscal year end and prepares adjusting entries on an annual basis. (a) Prepare all necessary journal entries for Sarasota to record the notes. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts. Record journal entries in the order presented in the problem. List all debit entries before credit entries) During 2024, Sarasota Co. borrowed cash from Blossom Company by issuing notes payable as follows: 1 2. June 1, 2024, issued an eight-month. 4% note for $78.000. Interest and principal are payable at maturity. October 1, 2024, issued a three-month 6%-note for $48,000. Interest is payable monthly on the first day of the month Principal is payable at maturity. Sarasota has a November 30 fiscal year end and prepares adjusting entries on an annual basis. (a) Prepare all necessary journal entries for Sarasota to record the notes. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts. Record journal entries in the order presented in the problem. List all debit entries before credit entries)

Answer rating: 100% (QA)

1 June 1 2024 Issuance of an eightmonth 4 note for 78000 Sarasota Co borrows 78000 cash from Blossom ... View the full answer