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At December 3 1 of Year 1 , Portland Corporation had two notes payable outstanding ( notes 1 and 2 ) . At December 3
At December of Year Portland Corporation had two notes payable outstanding notes and At December of Year Portland also had two notes payable outstanding notes and These notes are described below.
Date of note Principal Amount Interest Rate Number of Days
December Year
Note November Year $
Note December Year
December Year
Note December Year
Note December Year
Required
a Prepare the adjusting entries for interest at December of Year
b Assume that the adjusting entries were made at December of Year and that no adjusting entries were made during Year Prepare the Year journal entries to record payment of the notes that were outstanding at December of Year
c Prepare the adjusting entries for interest at December of Year
Round answers to nearest dollar. Use days for interest calculations when applicable.
General Journal
Date Description Debit Credit
a
Dec Answer
Answer
Answer
Answer
Answer
Answer
To record interest on note
Dec Answer
Answer
Answer
Answer
Answer
Answer
To accrue interest on note
b
Feb Notes Payable Answer
Answer
Answer
Answer
Answer
Interest Expense Answer
Answer
Answer
Answer
Answer
To record payment of Note
Feb Notes Payable Answer
Answer
Answer
Answer
Answer
Interest Expense Answer
Answer
Answer
Answer
Answer
To record payment of Note
c
Dec Answer
Answer
Answer
Answer
Answer
Answer
To record interest on Note
Dec Answer
Answer
Answer
Answer
Answer
Answer
To record interest on Note
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