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Swifty Construction Ltd. borrowed $430,000 from Atco Finance Ltd. on October 1, 2020, by issuing a nine-month note payable at 7% interest payable at maturity.

Swifty Construction Ltd. borrowed $430,000 from Atco Finance Ltd. on October 1, 2020, by issuing a nine-month note payable at 7% interest payable at maturity. Both companies have a December 31 year end and make adjusting entries annually.For Swifty Construction, record (1) the receipt of the $430,000 cash and the issuing of the note payable on October 1, 2020; (2) the accrual of interest on December 31, 2020; and (3) the payment of the note and interest on July 1, 2021. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. List all debit entries before credit entries.)

Date

Account Titles and Explanation

Debit

Credit

choose a transaction date Oct. 1, 2020Dec. 31, 2020July 1, 2021

enter an account title

enter a debit amount

enter a credit amount

enter an account title

enter a debit amount

enter a credit amount

choose a transaction date Oct. 1, 2020Dec. 31, 2020July 1, 2021

enter an account title

enter a debit amount

enter a credit amount

enter an account title

enter a debit amount

enter a credit amount

choose a transaction date Oct. 1, 2020Dec. 31, 2020July 1, 2021

enter an account title to record interest

enter a debit amount

enter a credit amount

enter an account title to record interest

enter a debit amount

enter a credit amount

(To record interest)

choose a transaction date Oct. 1, 2020Dec. 31, 2020July 1, 2021
enter an account title to record repayment of bank loan enter a debit amount enter a credit amount
enter an account title to record repayment of bank loan enter a debit amount enter a credit amount
enter an account title to record repayment of bank loan enter a debit amount enter a credit amount
(To record repayment of bank loan)

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