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Current Attempt in Progress During 2024, Blue Spruce Co. borrowed cash from Crane Company by issuing notes payable as follows: 1. July 1, 2024,
Current Attempt in Progress During 2024, Blue Spruce Co. borrowed cash from Crane Company by issuing notes payable as follows: 1. July 1, 2024, issued an eight-month, 4% note for $63,000. Interest and principal are payable at maturity. 2. November 1, 2024, issued a three-month, 8% note for $36,000. Interest is payable monthly on the first day of the month. Principal is payable at maturity. Blue Spruce has a December 31 fiscal year end and prepares adjusting entries on an annual basis. (a) Your answer is incorrect. Prepare all necessary journal entries for Blue Spruce Co. to record the notes. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts. Record journal entries in the order presented in the problem. List all debit entries before credit entries.) Date Account Titles and Explanation July 1/24 Nov. 1/24 Debit Credit
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