On June 1, Coble Company Ltd. borrows $40,000 from First Bank on a 6-month, $40,000, 9% note.

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On June 1, Coble Company Ltd. borrows $40,000 from First Bank on a 6-month, $40,000, 9% note. The note matures on December 1. (List multiple debit/credit entries from largest to smallest amount, e.g. 10, 5, 2.) (a) Prepare the entry on June 1. Date Account/Description Debit Credit June 1 (b) Prepare the adjusting entry on June 30. Date Account/Description Debit Credit June 30 (c) Prepare the entry at maturity (December 1), assuming monthly adjusting entries have been made through November 30. Date Account/Description Debit Credit Dec. 1 (d) What was the total financing cost (interest expense)? $

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On June 1, Coble Company Ltd. borrows $40,000 from First Bank on a 6-month, $40,000, 9% note.

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