Question
Question 37 (1 point) On October 1, 2018, Campbell Limited borrows $80,000 from Mega Bank by signing a 3-month, $80,000, 4% bank loan. Interest is
Question 37 (1 point)
On October 1, 2018, Campbell Limited borrows $80,000 from Mega Bank by signing a 3-month, $80,000, 4% bank loan. Interest is due the first of each month. What adjusting entry is required at December 31, 2018?
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Question 38 (1 point)
On October 1, 2018, Campbell Limited borrows $80,000 from Mega Bank by signing a 3-month, $80,000, 4% bank loan. Interest is due the first of each month. The entry by Campbell Limited to record payment of the loan and accrued interest on January 1, 2019 is
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Question 39 (1 point)
On January 1 of this year, Gertoni Lenders agrees to lend Ester Corp. $150,000. Ester Corp. signs a $150,000, 6%, 9-month loan. Interest is due at maturity.
What entry will Ester Corp. make to repay the loan on September 30, assuming no further adjusting entries have been made since June 30?
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Question 40 (1 point)
On January 1, 2018, Junction Limited, a calendar-year company, issued $160,000 of notes payable, of which $65,000 is due on January 1 for each of the next four years. The proper statement of financial position presentation on December 31, 2018, is
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