Question: View Policies Current Attempt in Progress On March 1, Sheffield Company borrows $90,000 from New National Bank by signing a 6-month, 8%, interest-bearing note. Prepare

View Policies Current Attempt in Progress On March 1, Sheffield Company borrows $90,000 from New National Bank by signing a 6-month, 8%, interest-bearing note. Prepare the necessary entries below associated with the note payable on the books of Sheffield Company. Prepare the entry on March 1 when the note was issued. (Credit account titles are automatically indented when the amount is entered. Do not indent manually) Date Account Titles and Explanation March 1 List of Accounts Debit Credit Prepare any adjusting entries necessary on June 30 in order to prepare the semiannual financial statements. Assume no other interest accrual entries have been made. (Credit account titles are automatically indented when the amount is entered. Do not indent Question 28 of 31 -/7 E Prepare any adjusting entries necessary on June 30 in order to prepare the semiannual financial statements. Assume no other interest accrual entries have been made. (Credit account titles are automatically indented when the amount is entered. Do not indent manually.) Date June Account Titles and Explanation 30 List of Accounts Debit Credit Prepare the entry to record payment of the note at maturity. (Credit account titles are automatically indented when the amount is entered. Do not indent manually.) Date Account Titles and Explanation Sept. 1 Debit Credit AC Vie ALE Que Accou Ques NO Quest Amun View Policies Current Attempt in Progress On March 1, Sheffield Company borrows $90,000 from New National Bank by signing a 6-month, 8%, interest-bearing note.

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