Sage Hill Enterprises borrows $$49,200$ from Oriole Company on July $1,2024,$ signing a $6\%,$ one$-$year note payable. Interest is to be

paid at maturity.

$($a$)$

Correct Answer

Your answer is correct.

Prepare the journal entry for Sage Hill Enterprises to record the receipt of the proceeds of the note. $($Credit account titles are

automatically indented when the amount is entered. Do not indent manually. If no entry is required, select $"$No Entry" for the account titles

and enter $0$ for the amounts. List debit entry before credit entry.$)$

Date

Account Titles

Debit

Credit

July $1,$

$2024$

Notes Payable

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List of Accounts

Attempts: $1$ of $1$ used

$($b$)$

Prepare the journal entry for Sage Hill Enterprises to record the accrued interest at December $31,$ assuming adjusting entries are

made only at year end. $($Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry

is required, select $"$No Entry" for the account titles and enter $0$ for the amounts. List debit entry before credit entry.$)$

Date

Account Titles

Debit

Credit

Dec. $31,$

$2024$