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Jurassic Jumpers Co. (JJ Co.) offers bungee jumping for those looking for an extreme outing. JJ Co. prepares annual financial statements and has a
Jurassic Jumpers Co. (JJ Co.) offers bungee jumping for those looking for an extreme outing. JJ Co. prepares annual financial statements and has a December 31, 2020 year-end. a. On April 1, 2020, JJ Co. took out a five-year, $690,000 bank loan with an interest rate of 3% Interest expense is paid on the first day of each month b. On July 1, 2020, JJ Co. Issued a two-year, $57,000 Note Receivable with an interest rate of 4% Interest Income will be collected on January 1 and July 1 of each year. c. On December 15, 2020, JJ Co. took a university student club bungee jumping for $1,850. The student club was Invoiced on December 31, 2020 and pald JJ Co. on January 15, 2021. Required: Record the adjusting journal entries at December 31, 2020. View transaction list Journal entry worksheet 13 1 2 Record accrued interest expense. Note: Enter debits before credits. Date Dec 31, 2020 General Journal Debit Credit
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