Question
Exercise 10-3 On June 1, Pharoah Company Ltd. borrows $60,000 from Acme Bank on a 6-month, $60,000, 6% note. The note matures on December 1.
Exercise 10-3
On June 1, Pharoah Company Ltd. borrows $60,000 from Acme Bank on a 6-month, $60,000, 6% note. The note matures on December 1.
Prepare the entry on June 1. (Credit account titles are automatically indented when amount is entered. Do not indent manually.)
Date Account Titles and Explanation Debit Credit June 1
SHOW LIST OF ACCOUNTS
Prepare the adjusting entry on June 30. (Credit account titles are automatically indented when amount is entered. Do not indent manually.)
Date Account Titles and Explanation Debit Credit June 30
SHOW LIST OF ACCOUNTS
Prepare the entry at maturity (December 1), assuming monthly adjusting entries have been made through November 30. (Credit account titles are automatically indented when amount is entered. Do not indent manually.)
Date Account Titles and Explanation Debit Credit Dec. 1
SHOW LIST OF ACCOUNTS
What was the total financing cost (interest expense)?
Total interest expense $
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Audit Renaissance
Authors: Vakils
1st Edition
8184621639, 978-8184621631
