Megan Haak and Kathy Quandt borrowed $15,000 on a 7-month, 8% note from Golden State Bank to
Question:
Instructions
(a) Prepare the entry to record the receipt of the funds from the loan.
(b) Prepare the entry to accrue the interest on June 30.
(c) Assuming adjusting entries are made at the end of each month, determine the balance in the interest payable account at December 31, 2012.
(d) Prepare the entry required on January 1, 2013, when the loan is paid back.
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a June 1 Cash 15000 Notes Payable 15000 b June 30 Interest Expense ...View the full answer
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Related Book For 
Financial Accounting Tools for business decision making
ISBN: 978-0470534779
6th Edition
Authors: Paul D. Kimmel, Jerry J. Weygandt, Donald E. Kieso
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