Ellsworth Enterprises borrowed 5425.000 on an interest-bearing note on September 30, 2020. Ellsworth ends its fiscal year on December 31. The note was pard with interest on March 31, 2021 Required: 1. Prepare the entry for this note on September 30, 2020 2. Prepare the adjusting entry for this note on December 31, 2020 3. Indicate how the note and the accrued interest would appear on the balance sheet of December 31, 2020 4 Prepare the entry to record the repayment of the note on March 31, 2021 Chart of Accounts CHART OF ACCOUNTS Ellsworth Enterprises General Ledger ASSETS REVENUE 111 Cash 411 Sales Revenue 412 Service Revenue 112 Petty Cash 121 Accounts Receivable 413 Interest Income 414 Rent Revenue 123 Allowance for Doubtful Accounts 124 Notes Receivable EXPENSES 511 Cost of Goods Sold 125 Supplies 126 Prepaid insurance 127 Prepaid Rent 128 Invoy 125 Interest Receivable 130 Investment 512 Advertising Expense 513 Supplies Expense 514 Uits Expense 515 Insurance Expense 516 Repairs and Maintenance Expense 517 Bad Deot Expense 518 Real Expense 131 Land 134 Furniture 519 Warranty pense 135 Trucks 521 Wages Expense eBook Calculator 135 Trucks 139 Accumulated Depreciation LIABILITIES 521 Wages Expense 523 Commissions Expense 524 Social Security Taxes Expense 525 Medicare Taxes Expense 526 Federal Unemployment Taxes Expense 527 State Unemployment Taxes Expense 531 Interest Expense 211 Accounts Payable 212 Utilities Payable 213 Insurance Payable 214 Interest Payable 541 Amortization Expense 215 Warranty Liability 542 Depreciation Expense 216 Income Taxes Payable 551 Income Taxes Expense 552 Property Taxes Expense 221 Excise Taxes Payable (Federal) 222 Excise Taxes Payable (State) 223 Property Taxes Payable " 224 Sales Taxes Payable (State) 231 Wages Payable 233 Short-Term Notes Payable 234 Federal Income Taxes Withholding Payable 235 State Income Taxes Withholding Payable 236 Social Security Taxes Payable 237 Medicare Taxes Payable 238 Charitable Contributions Payable 239 Union Dues Payable 241 Federal Unemployment Taxes Payable 242 State Unemployment Taxes Payable 251 Unearned Sales Revenue 252 Unearned Rent Revenue 261 Bonds Payable 262 Notes Payable EQUITY 311 Common Stock 321 Retained Earnings Label and Amount Descnptions Aong the relaties December 31, 2020 For the year ended December 31, 2020 Stockholde equity Tetas Total current assets Total Babies and stockholders' equity Total stockholders equity General Journal 1. Prepare the entry for this note on September 30, 2020 IMPACT ON FINANCIAL STATEMENTS GENERAL JOURNAL BALANCE SHEET INCOME STATEMENT CREDIT 2. Prepare the a g endy for this note on December 31, 2009 GENERAL JOURNAL PACT ON FINANCIAL STATEMENTS BALANCE SHEET INCOME STATEMENT ACCOUNT POST REY CREDIT Adjusting Entries 4. Prepare the entry to record the repayment of the note on March 31, 2021 GENERAL JOURNAL IMPACT ON FINANCIAL STATEMENTS BALANCE SHEET INCOME STATEMENT ACCOUNT TITLE ASSETS T ES EQUITY REVENUE GESMETICO GENERAL JOURNAL ACCOUNT TITLE POSTOP Balance Sheet 3. Indicate how the note and the accrued interest would appear on the balance sheet at December 31, 2020 Ellsworth Enterprises Balance Sheet (Label)
