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Larkspur, Inc borrows $67,000 from Crane Company on July 1 2021 signing a 5% one-year note payable Interest is to be paid at maturity Your
Larkspur, Inc borrows $67,000 from Crane Company on July 1 2021 signing a 5% one-year note payable Interest is to be paid at maturity Your answer is correct Prepare journal entry for Larkspur, Inc to record the receipt of the proceeds of the note. (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 Ofor the amounts) Date Account Titles and Explanation Debit Credit July 1, 2021 Cash 67,000 Notes Payable 67.000 (Borrow cash and sign note payable.) e Textbook and Media List of Accounts Your answer is correct. Prepare journal entry for Larkspur, Inc. to record the accrued interest at December 31. assuming adjusting entries are made only at year end. (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 O for the amounts.) SOLCE REY JUNIORES CORTETUJUTOTROLESTE Date Account Titles and Explanation Debit Credit Dec. 31, 2021 Interest Expense 1,675 1,675 Interest Payable (To accrue interest expense) e Textbook and Media List of Accounts Your answer is partially correct Prepare journal entry for Larkspur, Inc to record the payment of the note at maturity. (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 O for the amounts.) Date Account Titles and Explanation Debit Credit July 1, Notes Payable 67.000 2022 Interest Expense 3,350 Cash 70.350 (Torecord payment of note and interest.)
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