**Transcription for Educational Website: Principles of Accounting** --- **Quiz: Accounting for Current Liabilities** **Scenario:** On December 15, Carboy, Inc., borrows $120,000 cash from Third National Bank at a 9 percent annual interest. The note is due in 45 days. At December 31, Carboy records any unpaid interest with an adjusting entry. On January 30 of the next year, Carboy pays the principal and interest owed on the bank note. **Instructions:** - Enter debits before credits. **General Journal Entry Table:** - **Date:** Jan. 30 - **General Journal:** - (Rows provided for entry, no data pre-filled) - **Columns:** Debit, Credit **Action Buttons:** - Record entry - Clear entry - View general journal **Navigation:** - Page 7 of 19 **Note:** To solve this problem, calculate the interest over the applicable period and record the appropriate debit and credit entries in the journal. --- On December 16, Carboy, Incorporated, borrows $120,000 cash from Third National Bank at 9 percent annual interest. The note is due in 45 days. At December 31, Carboy records any unpaid interest with an adjusting entry. On January 30 of the next year, Carboy pays the principal and interest owed on the bank note. Prepare the January 30 entry by Carboy for the payment (maturity) of the note plus interest by selecting the account names from the drop-down menus and entering the dollar amounts in the debit or credit columns. **Journal Entry Worksheet** 1. On December 15, Carboy, Inc., borrows $120,000 cash from Third National Bank at 9 percent annual interest. The note is due in 45 days. At December 31, Carboy records any unpaid interest with an adjusting entry. On January 30 of the next year, Carboy pays the principal and interest owed on the bank note. **Navigation:** Prev 7 of 19 Next **Buttons:** View transaction list, Check my work, Save & Exit, Submit
**Transcription for Educational Website: Principles of Accounting** --- **Quiz: Accounting for Current Liabilities** **Scenario:** On December 15, Carboy, Inc., borrows $120,000 cash from Third National Bank at a 9 percent annual interest. The note is due in 45 days. At December 31, Carboy records any unpaid interest with an adjusting entry. On January 30 of the next year, Carboy pays the principal and interest owed on the bank note. **Instructions:** - Enter debits before credits. **General Journal Entry Table:** - **Date:** Jan. 30 - **General Journal:** - (Rows provided for entry, no data pre-filled) - **Columns:** Debit, Credit **Action Buttons:** - Record entry - Clear entry - View general journal **Navigation:** - Page 7 of 19 **Note:** To solve this problem, calculate the interest over the applicable period and record the appropriate debit and credit entries in the journal. --- On December 16, Carboy, Incorporated, borrows $120,000 cash from Third National Bank at 9 percent annual interest. The note is due in 45 days. At December 31, Carboy records any unpaid interest with an adjusting entry. On January 30 of the next year, Carboy pays the principal and interest owed on the bank note. Prepare the January 30 entry by Carboy for the payment (maturity) of the note plus interest by selecting the account names from the drop-down menus and entering the dollar amounts in the debit or credit columns. **Journal Entry Worksheet** 1. On December 15, Carboy, Inc., borrows $120,000 cash from Third National Bank at 9 percent annual interest. The note is due in 45 days. At December 31, Carboy records any unpaid interest with an adjusting entry. On January 30 of the next year, Carboy pays the principal and interest owed on the bank note. **Navigation:** Prev 7 of 19 Next **Buttons:** View transaction list, Check my work, Save & Exit, Submit
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
Related questions
Question
Transcribed Image Text:**Transcription for Educational Website: Principles of Accounting**
---
**Quiz: Accounting for Current Liabilities**
**Scenario:**
On December 15, Carboy, Inc., borrows $120,000 cash from Third National Bank at a 9 percent annual interest. The note is due in 45 days. At December 31, Carboy records any unpaid interest with an adjusting entry. On January 30 of the next year, Carboy pays the principal and interest owed on the bank note.
**Instructions:**
- Enter debits before credits.
**General Journal Entry Table:**
- **Date:** Jan. 30
- **General Journal:**
- (Rows provided for entry, no data pre-filled)
- **Columns:** Debit, Credit
**Action Buttons:**
- Record entry
- Clear entry
- View general journal
**Navigation:**
- Page 7 of 19
**Note:** To solve this problem, calculate the interest over the applicable period and record the appropriate debit and credit entries in the journal.
---
Transcribed Image Text:On December 16, Carboy, Incorporated, borrows $120,000 cash from Third National Bank at 9 percent annual interest. The note is due in 45 days. At December 31, Carboy records any unpaid interest with an adjusting entry. On January 30 of the next year, Carboy pays the principal and interest owed on the bank note.
Prepare the January 30 entry by Carboy for the payment (maturity) of the note plus interest by selecting the account names from the drop-down menus and entering the dollar amounts in the debit or credit columns.
**Journal Entry Worksheet**
1. On December 15, Carboy, Inc., borrows $120,000 cash from Third National Bank at 9 percent annual interest. The note is due in 45 days. At December 31, Carboy records any unpaid interest with an adjusting entry. On January 30 of the next year, Carboy pays the principal and interest owed on the bank note.
**Navigation:** Prev 7 of 19 Next
**Buttons:** View transaction list, Check my work, Save & Exit, Submit
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