Question
Midshipmen Company borrows $17,500 from Falcon Company on July 1, 2018. Midshipmen repays the amount borrowed and pays interest of 12% (1%/month) on June 30,
Midshipmen Company borrows $17,500 from Falcon Company on July 1, 2018. Midshipmen repays the amount borrowed and pays interest of 12% (1%/month) on June 30, 2019.
1) Record the lending for Falcon on July 1, 2018.
2) Record the adjusting entry for Falcon on December 31, 2018.
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Global Accounting And Control A Managerial Emphasis
Authors: Sidney J. Gray, Stephen B. Salter, Lee H. Radebaugh
1st Edition
0471128082, 978-0471128083
