Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

thank you :) Yi & Yang Ltd borrowed $180,000 by signing a 9 month, 10% note from Westpac Bank on 1 September 2019. Required: a)

thank you :)
image text in transcribed
Yi & Yang Ltd borrowed $180,000 by signing a 9 month, 10% note from Westpac Bank on 1 September 2019. Required: a) Prepare the journal entry to record the proceeds of the note payable. Narration is not required. (1 mark) b) Prepare the journal entry to record the accrued interest as at 31 December 2019, the year end. Narration is not required. (1 mark) 1 i % 3 a) Date Account Titles Debit Credit b) Date Account Titles Debit Credit

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Audit Culture How Indicators And Rankings Are Reshaping The World

Authors: Cris Shore, Susan Wright

1st Edition

0745336450, 978-0745336459

More Books

Students also viewed these Accounting questions