Question
On June 1, Huntley Company borrows $50,000 from the bank by signing a 60-day, 6%, interest-bearing note. Prepare the necessary entries below associated with the
On June 1, Huntley Company borrows $50,000 from the bank by signing a 60-day, 6%, interest-bearing note.
Prepare the necessary entries below associated with the note payable on the books of Huntley Company.
Prepare the entry on June 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
June 1
Prepare any adjusting entries necessary on June 30 in order to prepare the monthly 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
Prepare the entry to record payment of the note at maturity.(Credit account titles are automatically indented when the amount is entered. Do not indent manually.)
Date Account Titles and Explanation Debit Credit
July 31
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Cost Accounting A Managerial Emphasis
Authors: Charles T. Horngren, Srikant M.Dater, George Foster, Madhav
13th Edition
8120335643, 136126634, 978-0136126638
