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could someone please help me answer these questions. Thanks Watunga County Bank agrees to lend Hoffman Granite Company $600,000 on January 1. Hoffman Granite Company

could someone please help me answer these questions. Thanks

Watunga County Bank agrees to lend Hoffman Granite Company $600,000 on January 1. Hoffman Granite Company signs a $600,000, 8%, 9-month note:

18. The entry made by Hoffman Granite on January 1 to record the proceeds and issuance of the note is

a. Interest Expense.................................................................... 36,000

Cash....................................................................................... 564,000

Notes Payable.............................................................. 600,000

b. Cash....................................................................................... 600,000

Notes Payable.............................................................. 600,000

c. Cash....................................................................................... 600,000

Interest Expense.................................................................... 36,000

Notes Payable.............................................................. 636,000

d. Cash....................................................................................... 600,000

Interest Expense.................................................................... 36,000

Notes Payable.............................................................. 600,000

Interest Payable............................................................ 36,000

19. What is the adjusting entry required if Hoffman Granite Company prepares financial statements on June 30?

a. Interest Expense.................................................................... 24,000

Interest Payable............................................................ 24,000

b. Interest Expense.................................................................... 24,000

Cash.............................................................................. 24,000

c. Interest Payable..................................................................... 24,000

Cash.............................................................................. 24,000

d. Interest Payable..................................................................... 24,000

Interest Expense........................................................... 24,000

20. What entry will Hoffman Granite make to pay off the note and interest at maturity assuming that interest has been accrued to September 30?

a. Notes Payable....................................................................... 636,000

Cash.............................................................................. 636,000

b. Notes Payable....................................................................... 600,000

Interest Payable..................................................................... 36,000

Cash.............................................................................. 636,000

c. Interest Expense.................................................................... 36,000

Notes Payable....................................................................... 600,000

Cash.............................................................................. 636,000

d. Interest Payable..................................................................... 24,000

Notes Payable....................................................................... 600,000

Interest Expense.................................................................... 12,000

Cash.............................................................................. 636,000

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