PROBLEM1 On April 1. Hoiton. Company borrows $80,000 from West Bank by signing a 6mont, 6%. interest-bearing note. Instructions Prepare the necessary entries below associated with the note payable on the books of Naiton Company (a) Prepare the entry on April 1 when the note was issued. (b) Prepare any adjusting entries necessary on June 30 in order to prepare the semiannua financial statements. Assume no other interest accrual entries have been made. Problem Solving MA FSA (a) April (b) June 30 PROBLEM 2 Manuel Company had cash sales of $65,100 (including taxes) for the month of June. Sales are subject to 8.5% sales tax. Prepare the entry to record the sale. PROBLEM 3 On January 1, 2012, Hannigan Company issued bonds with a face value of $800,000. The bonds carry a stated interest of 7% payable each January 1. a. Prepare the journal entry for the issuance assuming the bonds are issued at 97 b. Prepare the journal entry for the issuance assuming the bonds are issued at 102