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

SHOW LIST OF ACCOUNTS

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