On June 1, Huntley Company borrows $50,000 from the bank by signing a 60-day, 6%, interest-bearing note.

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Prepare the necessary entries below associated with the note payable on the books of Huntley Company.

(a) Prepare the entry on June 1 when the note was issued.

(b) Prepare any adjusting entries necessary on June 30 in order to prepare the monthly financial statements. Assume no other interest accrual entries have been made.

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Accounting Principles

ISBN: 978-0470534793

10th Edition

Authors: Jerry J. Weygandt, Paul D. Kimmel, Donald E. Kieso

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Posted Date: Feb 24, 2022 04:59 AM

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On June 1, Huntley Company borrows $50,000 from the bank by signing a 60-day, 6%, interest-bearing note.

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