On June 1, Wildhorse Co. Ltd. borrows $70,500 from Acme Bank on a 6-month, $70,500, 8%...
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On June 1, Wildhorse Co. Ltd. borrows $70,500 from Acme Bank on a 6-month, $70,500, 8% note. The note matures on December 1. Prepare the entry on June 1. Prepare the adjusting entry on June 30. Prepare the entry at maturity (December 1), assuming monthly adjusting entries have been made through November 30. On June 1, Wildhorse Co. Ltd. borrows $70,500 from Acme Bank on a 6-month, $70,500, 8% note. The note matures on December 1. Prepare the entry on June 1. Prepare the adjusting entry on June 30. Prepare the entry at maturity (December 1), assuming monthly adjusting entries have been made through November 30.
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Related Book For
Accounting Tools for Business Decision Making
ISBN: 978-1118096895
6th edition
Authors: Paul D. Kimmel, Jerry J. Weygandt, Donald E. Kieso
Posted Date:
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