Entries for and Financial Statement Presentation of a Note Augustine Corporation borrowed $53,000 from the J.P....

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Entries for and Financial Statement Presentation of a Note Augustine Corporation borrowed $53,000 from the J.P. Morgan Chase Bank on June 1, 2023, on a 3-year, 8.7% note. Interest is paid annually on May 31. If required, round amounts to the nearest dollar. Required: 1. Record the borrowing transaction in Augustine's journal. If an amount box does not require an entry, leave it blank. 2023, June 1 Cash Notes Payable Record issuance of note at par $3,000 53,000 2. Prepare the adjusting entries made at December 31, 2023 and 2024. If an amount box does not require an entry, leave it blank. 2023, December 31 Interest Expense 3,096 x 3,096 X Interest Payable Record interest expense 2024, December 31 Interest Expense 3,096 X Interest Payable 3,096 x Record interest expense Feedback 3. Prepare the necessary journal entry to recognize the first interest payment on May 31, 2024. If an amount box does not require an entry, leave it blank. 2024, May 31 Interest Expense Interest Payable Cash Record interest expense and payment of interest 2,211 3,096 5,307 4. Indicate how the note and associated interest would be presented in Augustine's December 31, 2024 balance sheet. Augustine Corporation Balance Sheet (partial). Current liabilities: December 31, 2024 Interest payable Long-term liabilities: Notes payable, 8.7%, due in 2026 3,248 64,000 5. Prepare the necessary journal entries to record the repayment of the note and the last year's interest payment on May 31, 2026. If an amount box does not require an entry, leave it blank. 2026, May 31 Interest Expense Accounts Payable Cash Record interest expense and payment of interest 2,211 3,096 5,307 K 4. Indicate how the note and associated interest would be presented in Augustine's December 31, 2024 balance sheet. Augustine Corporation Balance Sheet (partial) December 31, 2024 Current liabilities: Interest payable Long-term liabilities: Notes payable, 8.7%, due in 2026 3,248 64,000 5. Prepare the necessary journal entries to record the repayment of the note and the last year's interest payment on May 31, 2026. If an amount box does not require an entry, leave it blank. 2026, May 31 Interest Expense Accounts Payable Cash 2,211 3,096 5,307 Record interest expense and payment of interest 2026, May 31 Notes Payable 61,000 Cash 61,000 Record repayment of note principal Entries for and Financial Statement Presentation of a Note Augustine Corporation borrowed $53,000 from the J.P. Morgan Chase Bank on June 1, 2023, on a 3-year, 8.7% note. Interest is paid annually on May 31. If required, round amounts to the nearest dollar. Required: 1. Record the borrowing transaction in Augustine's journal. If an amount box does not require an entry, leave it blank. 2023, June 1 Cash Notes Payable Record issuance of note at par $3,000 53,000 2. Prepare the adjusting entries made at December 31, 2023 and 2024. If an amount box does not require an entry, leave it blank. 2023, December 31 Interest Expense 3,096 x 3,096 X Interest Payable Record interest expense 2024, December 31 Interest Expense 3,096 X Interest Payable 3,096 x Record interest expense Feedback 3. Prepare the necessary journal entry to recognize the first interest payment on May 31, 2024. If an amount box does not require an entry, leave it blank. 2024, May 31 Interest Expense Interest Payable Cash Record interest expense and payment of interest 2,211 3,096 5,307 4. Indicate how the note and associated interest would be presented in Augustine's December 31, 2024 balance sheet. Augustine Corporation Balance Sheet (partial). Current liabilities: December 31, 2024 Interest payable Long-term liabilities: Notes payable, 8.7%, due in 2026 3,248 64,000 5. Prepare the necessary journal entries to record the repayment of the note and the last year's interest payment on May 31, 2026. If an amount box does not require an entry, leave it blank. 2026, May 31 Interest Expense Accounts Payable Cash Record interest expense and payment of interest 2,211 3,096 5,307 K 4. Indicate how the note and associated interest would be presented in Augustine's December 31, 2024 balance sheet. Augustine Corporation Balance Sheet (partial) December 31, 2024 Current liabilities: Interest payable Long-term liabilities: Notes payable, 8.7%, due in 2026 3,248 64,000 5. Prepare the necessary journal entries to record the repayment of the note and the last year's interest payment on May 31, 2026. If an amount box does not require an entry, leave it blank. 2026, May 31 Interest Expense Accounts Payable Cash 2,211 3,096 5,307 Record interest expense and payment of interest 2026, May 31 Notes Payable 61,000 Cash 61,000 Record repayment of note principal