On June 1, 2021, Beerbo loaned Hop-Flop Inc. $10,000 at 6% annual interest. The journal entry...
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On June 1, 2021, Beerbo loaned Hop-Flop Inc. $10,000 at 6% annual interest. The journal entry Hop-Flop recorded was as follows: $10,000 CR. Notes Payable S10,000 DR. Cash Assume interest is calculated on a monthly basis and is to be paid (by Hop-Flop) at the maturity date (last day of the final month). Assume also that Hop-Flop has a December 31 fiscal year-end. For cach scenario below. answer the questions from Hop-Flop's perspective. The note's term was 3 months (due at the end of the final month). Fill in the information below: Interest incurred in 2021 Interest incurred in 2022 Total interest incurred over the note's term What is the journal entry at the maturity date? (leave cells blank as necessary) ACCOUNT DR ($) CR ($) The note's term was 6 months (due at the end of the final month). Fill in the information below: Interest incurred in 2021 Interest incurred in 2022 Total interest incurred over the note's term %24 What is the journal entry at the maturity date? (leave cells blank as necessary) DR ($) CR ($) ACCOUNT The note's term was 9 months (due at the end of the final month). Fill in the information below: Interest incurred in 2021 Interest incurred in 2022 %24 Total interest incurred over the note's term What is the journal entry at the maturity date? (leave cells blank as necessary) CR ($) DR ($) ACCOUNT On June 1, 2021, Beerbo loaned Hop-Flop Inc. $10,000 at 6% annual interest. The journal entry Hop-Flop recorded was as follows: $10,000 CR. Notes Payable S10,000 DR. Cash Assume interest is calculated on a monthly basis and is to be paid (by Hop-Flop) at the maturity date (last day of the final month). Assume also that Hop-Flop has a December 31 fiscal year-end. For cach scenario below. answer the questions from Hop-Flop's perspective. The note's term was 3 months (due at the end of the final month). Fill in the information below: Interest incurred in 2021 Interest incurred in 2022 Total interest incurred over the note's term What is the journal entry at the maturity date? (leave cells blank as necessary) ACCOUNT DR ($) CR ($) The note's term was 6 months (due at the end of the final month). Fill in the information below: Interest incurred in 2021 Interest incurred in 2022 Total interest incurred over the note's term %24 What is the journal entry at the maturity date? (leave cells blank as necessary) DR ($) CR ($) ACCOUNT The note's term was 9 months (due at the end of the final month). Fill in the information below: Interest incurred in 2021 Interest incurred in 2022 %24 Total interest incurred over the note's term What is the journal entry at the maturity date? (leave cells blank as necessary) CR ($) DR ($) ACCOUNT
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Related Book For
Intermediate Accounting IFRS
ISBN: 9781119607519
4th Edition
Authors: Donald E. Kieso, Jerry J. Weygandt, Terry D. Warfield
Posted Date:
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