Question
I need some help with the following question...I have filled in the parts that I know. Edwardson Corporations year-end is December 31. Assuming that no
I need some help with the following question...I have filled in the parts that I know.
Edwardson Corporations year-end is December 31. Assuming that no adjusting entries relative to the transactions above have been recorded, prepare any adjusting journal entries concerning interest that are necessary to present fair financial statements at December 31. Assume straight-line amortization of discounts. (If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts. Credit account titles are automatically indented when amount is entered. Do not indent manually. Record journal entries in the order presented in the problem.)
Date | Account Titles & Explanation | Debit | Credit |
Feb 2 | ?? | ||
Accounts Payable | |||
Feb 26 | Accounts Payable | ||
?? | |||
?? | |||
Apr 1 | Trucks | ||
Cash | |||
Notes Payable | |||
May 1 | Cash | 78000 | |
Discount on Notes Payable | 9240 | ||
Notes Payable | 87240 | ||
Aug 1 | Retained Earnings | 301400 | |
Dividends payable | 301400 | ||
Sep 10 | Dividends payable | 301400 | |
Cash | 301400 |
Edwardson Corporations year-end is December 31. Assuming that no adjusting entries relative to the transactions above have been recorded, prepare any adjusting journal entries concerning interest that are necessary to present fair financial statements at December 31. Assume straight-line amortization of discounts. (If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts. Credit account titles are automatically indented when amount is entered. Do not indent manually. Record journal entries in the order presented in the problem.)
No. | Account titles and explanation | debit | credit |
1. | |||
2. | Interest expense | ||
3. | |||
4. | No entry | ||
No entry |
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