Waterway Company borrowed $36,000 on November 1, 2025, by signing a $36,000, 10%, 3-month note. Prepare...

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Waterway Company borrowed $36,000 on November 1, 2025, by signing a $36,000, 10%, 3-month note. Prepare Waterway's November 1, 2025, entry; the December 31, 2025, annual adjusting entry; and the February 1, 2026, entry. (If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts. Credit account titles are automatically indented when amount is entered. Do not indent manually. Record journal entries in the order presented in the problem. List all debit entries before credit entries.) Date Account Titles and Explanation Debit 36000 11/1/25 no No Entry Notes Payable Discount on Notes Payable 24000 12/31/25+ 2/1/26 Credit 36000 24000 Waterway Company borrowed $36,000 on November 1, 2025, by signing a $36,000, 10%, 3-month note. Prepare Waterway's November 1, 2025, entry; the December 31, 2025, annual adjusting entry; and the February 1, 2026, entry. (If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts. Credit account titles are automatically indented when amount is entered. Do not indent manually. Record journal entries in the order presented in the problem. List all debit entries before credit entries.) Date Account Titles and Explanation Debit 36000 11/1/25 no No Entry Notes Payable Discount on Notes Payable 24000 12/31/25+ 2/1/26 Credit 36000 24000

Answer rating: 100% (QA)

Date Account Titles and Explanation Debit Credit 11125 Notes Payable 36000 Cash ... View the full answer