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I got through most of this but then I got some of it wrong and not sure what I missed. Please help! Exercise 10-2 Page
I got through most of this but then I got some of it wrong and not sure what I missed. Please help!
Exercise 10-2 Page 1 of 2 Exercise 10-2 Your answer is partially correct. Try again. On June 1, Merando Company borrows $111,000 from First Bank on a 6-month, $111,000, 8% note. (a) 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 June 1 Cash Credit 111000 Notes Payable 111000 (b) 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 Interest Expense Interest Payable (c) 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 Dec. 1 Notes Payable Interest Payable Cash Credit 111000 4440 115440 (d) What was the total financing cost (interest expense)? Total financing cost $ SHOW LIST OF ACCOUNTS LINK TO TEXT http://edugen.wileyplus.com/edugen/shared/assignment/test/qview.uni?operation=take-quest... 3/4/2016 Exercise 10-2 Page 2 of 2 Question Attempts: 1 of 3 used SAVE FOR LATER SUBMIT ANSWER Copyright 2000-2016 by John Wiley & Sons, Inc. or related companies. All rights reserved. http://edugen.wileyplus.com/edugen/shared/assignment/test/qview.uni?operation=take-quest... 3/4/2016Step by Step Solution
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