Question: when posting the answer please make sure it shows the whole answer and doesnt cut off. please and thank you so much! :) both images

when posting the answer please make sure it shows the whole answer and doesnt cut off. please and thank you so much! :)
when posting the answer please make sure it shows the whole answer
both images are the same but one might not be as clear as the other. just posting both to be safe. thank you!
and doesnt cut off. please and thank you so much! :) both
images are the same but one might not be as clear as

Adjusting Entries for interest At December 31, 2011. Portland Corporation had two notes payable outstanding (netes 1 and 2) December 31, 2012. Portland i had two notes payable outstanding note 3 and 4 These notes are described below Date of nete Principal Am interest Rate Number of Days December 2011 Net IS2011 122000 Note Dec 16, 2011 1000 CO December 2012 Notes December 11 2012 154.000 Note December 07.2012 0.000 104 Required a Prepare the adjusting entries for interest at December 31, 2011 b Assume that the adjusting entries were made at December 31, 2011, and that no adusting entries were made during 2012 Prepare the 2012 joumal entries to record payment of the notes that were outstanding at December 31, 2011 Prepare the adjusting entries for interest at December 31, 2012 Round answers to nearest dollar. Die 360 days for interest calculations when applicable Adjusting entries for interest At December 31, 2011, Portland Corporation had two notes payable outstanding notes 1 and 2). At December 31, 2012, Portland also had two notes payable outstanding notes 3 and 4 notes are described below Date of nete Principal Amount interest Rate Number of Days December 31, 2011 Note November 25, 2011 270.000 90 Note 2 December 16, 2013 10.000 60 December 31, 2012 Notes December 11, 2012 1540 120 Note 4 December 72012 180,000 TON Required a. Prepare the adjusting entries for interest at December 31, 2011 b. Assume that the adjusting entries were made at December 31, 2011, and that no adjusting entries were made during 2012. Prepare the 2012 journal entries to record payment of the were outstanding at December 31, 2011 Prepare the adjusting entries for interest at December 31, 2012 Round answers to nearest dollar. Use 360 days for interest calculations when applicable General Journal Date Description Deble Credit bec To record interest on note Adjusting Entries for interest At December 31, 2011. Portland Corporation had two notes payable outstanding (netes 1 and 2) December 31, 2012. Portland i had two notes payable outstanding note 3 and 4 These notes are described below Date of nete Principal Am interest Rate Number of Days December 2011 Net IS2011 122000 Note Dec 16, 2011 1000 CO December 2012 Notes December 11 2012 154.000 Note December 07.2012 0.000 104 Required a Prepare the adjusting entries for interest at December 31, 2011 b Assume that the adjusting entries were made at December 31, 2011, and that no adusting entries were made during 2012 Prepare the 2012 joumal entries to record payment of the notes that were outstanding at December 31, 2011 Prepare the adjusting entries for interest at December 31, 2012 Round answers to nearest dollar. Die 360 days for interest calculations when applicable

Step by Step Solution

There are 3 Steps involved in it

1 Expert Approved Answer
Step: 1 Unlock blur-text-image
Question Has Been Solved by an Expert!

Get step-by-step solutions from verified subject matter experts

Step: 2 Unlock
Step: 3 Unlock

Students Have Also Explored These Related Accounting Questions!