On June $1,$ Sunland Company Ltd$.$ borrows $$34,000$ from Acme Bank on a $6-$month, $$34,000,12\%$ note. The note matures on December $1.$

$($a$)$

Your answer is correct.

Prepare the entry on June $1.($Credit account titles are automatically indented when amount is entered. Do not indent manually.$)$

$\backslash$table$[[$Date Account Titles and Explanation,Debit,Credit$],[$June $1,,]]$

Prepare the adjusting entry on June $30.($Credit account titles are automatically indented when amount is entered. Do not indent manually.$)$

Date Account Titles and Explanation

Debit

Credit

June $30$ Interest Expense

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.$)$

Date Account Titles and Explanation

Debit

Credit

Dec. $1$