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On June 1, Sheridan Company Ltd. borrows $52,500 from Acme Bank on a 6-month, $52,500, 8% note. The note matures on December 1. (a)
On June 1, Sheridan Company Ltd. borrows $52,500 from Acme Bank on a 6-month, $52,500, 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. If no entry is required, select "No Entry" for the account titles and enter O for the amounts.) Date June 1 Account Titles and Explanation Debit Credit (b) Prepare the adjusting entry on June 30. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts.) Date Account Titles and Explanation June 30 Debit Credit (c) Prepare the entry at maturity (December 1), assuming monthly adjusting entries have been made through November 30. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts.) Date Account Titles and Explanation Dec. 1 (d) What was the total financing cost (interest expense)? Total financing cost $ Debit Credit
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