View Policies

Show Attempt History

Current Attempt in Progress

On April $1,$ Sheffield Corporation borrowed $$192,000$ from Rigor Bank by signing an eight$-$month, $5\%,$ bank loan. Interest is due at

maturity.

Prepare the entries listed below associated with the bank loan on the books of Sheffield Corporation. Its year end is June $30.$

$($a$)$ Prepare the entry on April $1$ when the loan was received. $($If no entry is required, select $"$No entry" for the account titles and enter $0$ for

the amounts. Credit account titles are automatically indented when amount is entered. Do not indent manually. List debit entry before

credit entry.$)$

Date Account Titles

Debit

Credit

Apr. $1$

Bank Loan Payable Prepare any adjusting entries necessary on June $30.$ Assume no other interest accrual entries have been made. $($If no entry is

required, select $"$No entry" for the account titles and enter $0$ for the amounts. Credit account titles are automatically indented when amount

is entered. Do not indent manually. List debit entry before credit entry.$)$ Prepare the entry to record repayment of the loan at maturity. $($If no entry is required, select $"$No entry" for the account titles and enter

$0$ for the amounts. Credit account titles are automatically indented when amount is entered. Do not indent manually. List all debit entries

before credit entries.$)$

Date

Account Titles

Debit

Credit

Dec. $1$

Bank Loan Payable

$192,000$

Interest Payable