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On April 1, Crane Company borrows $110,000 from West Bank by signing a 6-month, 6%, interest-bearing note. Prepare the necessary entries below associated with the

On April 1, Crane Company borrows $110,000 from West Bank by signing a 6-month, 6%, interest-bearing note. Prepare the necessary entries below associated with the note payable on the books of Crane Company.

Prepare the entry on April 1 when the note was issued. (Credit account titles are automatically indented when the amount is entered. Do not indent manually.)

Date

Account Titles and Explanation

Debit

Credit

April 1

enter an account title

enter a debit amount

enter a credit amount

enter an account title

enter a debit amount

enter a debit amount

Show List of Accounts

Prepare any adjusting entries necessary on June 30 in order to prepare the semiannual financial statements. Assume no other interest accrual entries have been made. (Credit account titles are automatically indented when the amount is entered. Do not indent manually.)

Date

Account Titles and Explanation

Debit

Credit

June 30

enter an account title

enter a debit amount

enter a credit amount

enter an account title

enter a debit amount

enter a debit amount

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