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Continuing Cookie Chronicle 10 a-c (Part Level Submission) Natalie is thinking of repaying all amounts outstanding to her grandmother. Recall that Cookie Creations borrowed $2,000
Continuing Cookie Chronicle 10 a-c (Part Level Submission) Natalie is thinking of repaying all amounts outstanding to her grandmother. Recall that Cookie Creations borrowed $2,000 on November 16, 2018, from Natalie's grandmother. Interest on the note is 6% per year, and the note plus interest was to be repaid in 24 months. Recall that a monthly adjusting journal entry was prepared for the months of November 2019 (1/2 month), December 2018, and January 2019. (a) Your answer has been saved and sent for grading. See Gradebook for score details. Calculate the interest payable that was accrued and recorded to July 31, 2019, assuming monthly adjusting entries were made. Interest payable 85 (b) ZYour answer has been saved and sent for grading. See Gradebook for score details. Prepare the journal entry at August 31, 2019, to record one month's accrued interest. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) Date Account Titles and Explanation Debit Credit Aug. 31 Interest Expense 10 Interest Payable 10 Natalie repays her grandmother on September 15, 2019-10 months after her grandmother extended the loan to Cookie Creations. Prepare the journal entry for the loan repayment. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) Date Account Titles and Explanation Debit Credit Sept. 15 Attempts: 0 of 1 used
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