Question
Adjusting Journal Entries Exercises #4] On 11/01/x1, LaGuardia Company (Broker/Dealer) borrows $200,000 for a one year loan from Battery City Bank at 6% simple interest
Adjusting Journal Entries Exercises
#4] On 11/01/x1, LaGuardia Company (Broker/Dealer) borrows $200,000 for a one year loan from Battery City Bank at 6% simple interest rate annually. No payments are made for principle or interest until 10/31/x2.
- What is the Journal Entry on 11/01/x1?
- What is the Journal Entry on 12/31/x1?
- What is the Journal Entry on 10/31/x2?
| 11/01/x1 | Dr. | Cr. | |
|
|
|
| |
|
|
|
| |
|
|
|
| |
| 12/31/x1 |
|
| |
|
|
|
| |
|
|
|
| |
|
|
| ||
| 10/31/x2 |
|
| |
|
|
|
| |
|
|
|
| |
|
|
|
| |
|
|
|
| |
|
|
|
| |
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started
Survey of Accounting
Authors: Edmonds, old, Mcnair, Tsay
2nd edition
9780077392659, 978-0-07-73417, 77392655, 0-07-734177-5, 73379557, 978-0073379555
