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I need help with the Balance Sheet. At January 1, 2024, Marin Merchants had a balance in the Interest Payable account for several notes it
I need help with the Balance Sheet.
At January 1, 2024, Marin Merchants had a balance in the Interest Payable account for several notes it had signed and given to suppliers in exchange for outstanding accounts payable. The following table contains the details of the notes payable and the balance of the interest accrued on each note as at the end of the last fiscal year, December 31, 2023. All notes require that the interest be paid at the maturity of the note. All notes and interest were paid on time. Marin prepares adjusting entries at the end of its calendar fiscal year. Additional transactions of 2024 were: Mar. 1 Signed a $11,100, one-year, 8\% note to Lalonde Ltd. in settlement of an accounts payable. Interest is due at maturity. Oct. 30 Signed a $4,800, three-month, 4.5% note to Hanover Ltd. in settlement of an accounts payable. Interest is due at maturity. Nov. 30 Borrowed from RBC $10,800 cash in exchange for a two-year, 9% note with interest due at maturity. Your answer is partially correct. What will be the amounts and classifications that will appear on Marin's balance sheet at December 31, 2024, concerning the notes payable? (Round answers to 2 decimal places, e.g. 52.76.) Prepare all journal entries for Marin Merchants for the above transactions and to record the on-time repayment of the notes payable that were outstanding as at December 31, 2023. (Round answers to 2 decimal places, e.g. 52.76. Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts. List all debit entries before credit entries. Record journal entries in the order presented in the problem.) Prepare any adjusting entry required on December 31, 2024. (Round answers to 2 decimal places, e.g. 52.76. Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts. List debit entry before credit entry.) eTextbook and Media List of Accounts Attempts: 2 of 5 used (c) Your answer is partially correct. What amount will appear under interest expense for Marin's income statement for the year ended December 31, 2024? Where will this amount be classified on the income statement? (Round answer to 2 decimal places, e.g. 52.76.) eTextbook and Media Solution Assistance Used Interest expense on the income statement for the fiscal year ended December 31,2024, will appear under other expenses in the amount of $1,755.25
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