Question
On June 1, Waterway Company borrows $111,000 from First Bank on a 6-month, $111,000, 8% note. Prepare the entry on June 1. (Credit account titles
On June 1, Waterway Company borrows $111,000 from First Bank on a 6-month, $111,000, 8% note.
Prepare the entry on June 1. (Credit account titles are automatically indented when amount is entered. Do not indent manually.)
a. Prepare the adjusting entry on June 30. (Credit account titles are automatically indented when amount is entered. Do not indent manually.)
b. 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.)
c. What was the total financing cost (interest expense)?
| Total financing cost | $enter the total financing cost |
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Auditor Independence Auditing Corporate Governance And Market Confidence
Authors: Ismail Adelopo
1st Edition
1409434702, 978-1409434702
