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On June 1, Monty Corp. Ltd. borrows $61,500 from Acme Bank on a 6-month, $61,500,8% note. The note matures on December 1. (a) Prepare the

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On June 1, Monty Corp. Ltd. borrows $61,500 from Acme Bank on a 6-month, $61,500,8% note. The note matures on December 1. (a) Prepare the entry on June 1. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) Prepare the adjusting entry on June 30 . (Credit account titles are automatically indented when amount is entered. Do not indent manually) Prepare the entry at maturity (December 1), assuming monthly adjusting entries have been made through November 30 . (Cred account titles are automatically indented when amount is entered. Do not indent manually.) (d) What was the total financing cost (interest expense)

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