Swifty Construction Ltd. borrowed $200,000 from Atco Finance Ltd. on October 1, 2020, by issuing a...

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Swifty Construction Ltd. borrowed $200,000 from Atco Finance Ltd. on October 1, 2020, by issuing a nine-month note payable at 49 interest payable at maturity. Both companies have a December 31 year end and make adjusting entries annually (a) Your answer is partially correct For Swifty Construction, record (1) the receipt of the $200,000 cash and the issuing of the note payable on October 1, 2020: (2) the accrual of interest on December 31, 2020; and (3) the payment of the note and interest on July 1, 2021 Credit account titles are automatically indented when the amount is entered. Do not indent manually. List all debit entries before credit entries. Date Account Titles and Explanation Oct. 1, 2020 Cash Notes Payable Dec. 31,2020 nesrase Expense July 1, 2021 interest Payable (To record interest Notes Payable Interest Expens Cash (To record repayment of bank loan Debit 200000 2000 200000 40000 Ac Swifty Construction Ltd. borrowed $200,000 from Atco Finance Ltd. on October 1, 2020, by issuing a nine-month note payable at 49 interest payable at maturity. Both companies have a December 31 year end and make adjusting entries annually (a) Your answer is partially correct For Swifty Construction, record (1) the receipt of the $200,000 cash and the issuing of the note payable on October 1, 2020: (2) the accrual of interest on December 31, 2020; and (3) the payment of the note and interest on July 1, 2021 Credit account titles are automatically indented when the amount is entered. Do not indent manually. List all debit entries before credit entries. Date Account Titles and Explanation Oct. 1, 2020 Cash Notes Payable Dec. 31,2020 nesrase Expense July 1, 2021 interest Payable (To record interest Notes Payable Interest Expens Cash (To record repayment of bank loan Debit 200000 2000 200000 40000 Ac