Natalie is thinking of repaying all amounts outstanding to her grandmother. Recall that Cookie Creations borrowed...

Transcribed Image Text:

Natalie is thinking of repaying all amounts outstanding to her grandmother. Recall that Cookie Creations borrowed $2,000 on November 16, 2023, from Natalie's grandmother. Interest on the note is 9% per year, and the note plus interest was to be repaid in 24 months. Recall that a monthly adjusting journal entry was prepared for the months of November 2023 (1/2 month), December 2023, and January 2024. (a) Your Answer Correct Answer Your answer is correct. Calculate the interest payable that was accrued and recorded up to January 31, 2024. (Round answer to O decimal places, e.g. 125.) Interest payable +A $ 37.5 (b1) Your answer is correct. Calculate the total interest expense and interest payable from February 1 to August 31, 2024. (Round answer to O decimal places, e.g. 125.) Total interest expense and interest payable $ List of Accounts Using multiple attempts will impact your score. 10% score reduction after attempt 2 105 Attempts: 1 of 3 used 622 (b2) Your answer is partially correct. Prepare the journal entry at August 31, 2024, to bring the accounting records up to date. (Credit account titles are automatically indented when amount is entered. Do not indent manually. Round answer to O decimal places, e.g. 125.) Date Account Titles and Explanation Aug. 31 Interest Expense Interest Payable List of Accounts Debit 15 Credit 15 Save for Later Attempts: 1 of 3 used Submit Answer Using multiple attempts will impact your score. 10% score reduction after attempt 2 Natalie is thinking of repaying all amounts outstanding to her grandmother. Recall that Cookie Creations borrowed $2,000 on November 16, 2023, from Natalie's grandmother. Interest on the note is 9% per year, and the note plus interest was to be repaid in 24 months. Recall that a monthly adjusting journal entry was prepared for the months of November 2023 (1/2 month), December 2023, and January 2024. (a) Your Answer Correct Answer Your answer is correct. Calculate the interest payable that was accrued and recorded up to January 31, 2024. (Round answer to O decimal places, e.g. 125.) Interest payable +A $ 37.5 (b1) Your answer is correct. Calculate the total interest expense and interest payable from February 1 to August 31, 2024. (Round answer to O decimal places, e.g. 125.) Total interest expense and interest payable $ List of Accounts Using multiple attempts will impact your score. 10% score reduction after attempt 2 105 Attempts: 1 of 3 used 622 (b2) Your answer is partially correct. Prepare the journal entry at August 31, 2024, to bring the accounting records up to date. (Credit account titles are automatically indented when amount is entered. Do not indent manually. Round answer to O decimal places, e.g. 125.) Date Account Titles and Explanation Aug. 31 Interest Expense Interest Payable List of Accounts Debit 15 Credit 15 Save for Later Attempts: 1 of 3 used Submit Answer Using multiple attempts will impact your score. 10% score reduction after attempt 2