Question
Indigo Corporation borrowed $54,200 on November 1, 2020, by signing a $55,670, 3-month, zero-interest-bearing note. Prepare Indigos November 1, 2020, entry; the December 31, 2020,
Indigo Corporation borrowed $54,200 on November 1, 2020, by signing a $55,670, 3-month, zero-interest-bearing note. Prepare Indigos November 1, 2020, entry; the December 31, 2020, annual adjusting entry; and the February 1, 2021, entry. (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 and Explanation | Debit | Credit | |
---|---|---|---|---|
| enter an account title | enter a debit amount | enter a credit amount | |
enter an account title | enter a debit amount | enter a credit amount | ||
enter an account title | enter a debit amount | enter a credit amount | ||
choose a transaction date 11/1/2012/31/202/1/21 | enter an account title | enter a debit amount | enter a credit amount | |
enter an account title | enter a debit amount | enter a credit amount | ||
choose a transaction date 11/1/2012/31/202/1/21 | enter an account title to record interest | enter a debit amount | enter a credit amount | |
enter an account title to record interest | enter a debit amount | enter a credit amount | ||
(To record interest) | ||||
choose a transaction date 11/1/2012/31/202/1/21 | enter an account title to pay note | enter a debit amount | enter a credit amount | |
enter an account title to pay note | enter a debit amount | enter a credit amount | ||
(To pay note) |
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