Question
on June 1, Fancher Company LTD borrows $60,000 from First Bank on a 6 month $60,000, 8% note. The note matures on December December 1.
on June 1, Fancher Company LTD borrows $60,000 from First Bank on a 6 month $60,000, 8% note. The note matures on December December 1. instructions: a. prepare the entry on June 1 b. prepare the adjustung entry on June 30 c. prepare the entry at maturity (December 1), assuming monthly adjusting entries have veen made through November 30 d. what was the total financing cost ( interest expense)
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Fundamental Accounting Principles
Authors: John J. Wild, Ken W. Shaw, Barbara Chiappetta
20th Edition
1259157148, 78110874, 9780077616212, 978-1259157141, 77616219, 978-0078110870
