On November 1, Year 1, a company borrows $44,000 cash from Community Savings and Loan. The...
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On November 1, Year 1, a company borrows $44,000 cash from Community Savings and Loan. The company signs a three-month, 6% note payable. Interest is payable at maturity. The company's year-end is December 31. Required: 1.3. Record the necessary entries in the Journal Entry Worksheet below. (If no entry is required for a particular transaction/event, select "No Journal Entry Required" in the first account field.) Journal entry worksheet 2 Record the issuance of note. Note: Enter debits before credits. Date Generaftournal Debit Credit November 01 Cash 44,000 Notes Payable 44,000 Record entry Clear entry View general journal Prev 1 of 2 View transaction list Journal entry worksheet 3 Record the adjusting entry for interest. Note: Enter debits before credits. Date General Journal Debit Credit December 31 Interest Expense 660 Interest Payable 660 Record entry Clear entry View general journal Journal entry worksheet 3 Record the repayment of the note at maturity. Note: Enter debits before credits. Date General Journal Debit Credit February 01 Notes Payable 44,000 Interest Payable 660 Cash 660 Record entry Clear entry View general Journal On November 1, Year 1, a company borrows $44,000 cash from Community Savings and Loan. The company signs a three-month, 6% note payable. Interest is payable at maturity. The company's year-end is December 31. Required: 1.3. Record the necessary entries in the Journal Entry Worksheet below. (If no entry is required for a particular transaction/event, select "No Journal Entry Required" in the first account field.) Journal entry worksheet 2 Record the issuance of note. Note: Enter debits before credits. Date Generaftournal Debit Credit November 01 Cash 44,000 Notes Payable 44,000 Record entry Clear entry View general journal Prev 1 of 2 View transaction list Journal entry worksheet 3 Record the adjusting entry for interest. Note: Enter debits before credits. Date General Journal Debit Credit December 31 Interest Expense 660 Interest Payable 660 Record entry Clear entry View general journal Journal entry worksheet 3 Record the repayment of the note at maturity. Note: Enter debits before credits. Date General Journal Debit Credit February 01 Notes Payable 44,000 Interest Payable 660 Cash 660 Record entry Clear entry View general Journal
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Requirement Date General Journal Debit Credit Nov01 Cash 44000 ... View the full answer
Related Book For
Intermediate Accounting
ISBN: 978-0132162302
1st edition
Authors: Elizabeth A. Gordon, Jana S. Raedy, Alexander J. Sannella
Posted Date:
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