Prepare the identified Note Disclosures for the following: (1) (2) Awesome Company borrowed $20,000 on November 1,

Prepare the identified Note Disclosures for the following:

  
 

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(1) (2) Awesome Company borrowed $20,000 on November 1, 2019, by signing a $20,000, 9%, 3-month note from PNC Bank. The funds were used to purchase equipment in January 2020. Prepare Awesome's November 1, 2019, entry and the December 31, 2019, annual adjusting entry Account Titles and Explanation 11/1/2019 Cash Note Payable (PNC Bank) Issued Note for upcoming purchase of equipment Account Titles and Explanation 12/31/2019 Interest Expense Interest Payable Account Titles and Explanation 1/1/2019 Cash Bonds Payable Account Titles and Explanation 7/1/2019 Interest Expense Cash $ Account Titles and Explanation 12/31/2019 Interest Expense Interest Payable $ $ $ Debit $ 20,000 Awesome Company authorized and issued at par 100 five-year term bonds with a par value of $1,000 each, dated January 1, 2019, secured by equipment, and bearing interest at an annual rate of 5 percent payable semiannually on January 1 and July 1. Prepare Awesome's January 1, 2019 issuance, July 1, 2019 interest payment, and the December 31, 2019, adjusting entry. Debit Debit 300 100,000 Debit Debit 2,500 $ 2,500 $ $ $ Credit $ 20,000 Credit Credit 300 100,000 Credit 2,500 Credit 2,500 (1) (2) Awesome Company borrowed $20,000 on November 1, 2019, by signing a $20,000, 9%, 3-month note from PNC Bank. The funds were used to purchase equipment in January 2020. Prepare Awesome's November 1, 2019, entry and the December 31, 2019, annual adjusting entry Account Titles and Explanation 11/1/2019 Cash Note Payable (PNC Bank) Issued Note for upcoming purchase of equipment Account Titles and Explanation 12/31/2019 Interest Expense Interest Payable Account Titles and Explanation 1/1/2019 Cash Bonds Payable Account Titles and Explanation 7/1/2019 Interest Expense Cash $ Account Titles and Explanation 12/31/2019 Interest Expense Interest Payable $ $ $ Debit $ 20,000 Awesome Company authorized and issued at par 100 five-year term bonds with a par value of $1,000 each, dated January 1, 2019, secured by equipment, and bearing interest at an annual rate of 5 percent payable semiannually on January 1 and July 1. Prepare Awesome's January 1, 2019 issuance, July 1, 2019 interest payment, and the December 31, 2019, adjusting entry. Debit Debit 300 100,000 Debit Debit 2,500 $ 2,500 $ $ $ Credit $ 20,000 Credit Credit 300 100,000 Credit 2,500 Credit 2,500

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Question Part 1 Journal Entries Nov 1 2019 Cash AcDr 20000 To 9 Notes Payable AcCr 20000 Dec 312019 ... View the full answer