Admire County Bank agrees to lend Bonita Brick Company $609000 on January 1. Bonita Brick Company signs a $609000, 8%, 9-month note. What entry will Bonita Brick Company make to pay off the note and interest at maturity assuming that interest has beenaccrued to September 30?OONotes PayableCashNotes PayableInterest PayableCashInterest ExpenseNotes PayableCashInterest PayableNotes PayableInterest ExpenseCash64554060900036540365406090002436060900012180645540645540645540645540

The journal entries are prepared to record the transactions on regular basis. The adjustment entries…

Admire County Bank agrees to lend Bonita Brick Company $609000 on January 1. Bonita Brick Company signs a $609000, 8%, 9- month note. What entry will Bonita Brick Company make to pay off the note and interest at maturity assuming that interest has bee accrued to September 30? Notes Payable Cash Notes Payable Interest Payable Cash Interest Expense Notes Payable Cash Interest Payable Notes Payable Interest Expense Cash 645540 609000 36540 36540 609000 24360 609000 12180 645540 645540 645540 645540

Admire County Bank agrees to lend Bonita Brick Company $609000 on January 1. Bonita Brick Company signs a $609000, 8%, 9- month note. What entry will Bonita Brick Company make to pay off the note and interest at maturity assuming that interest has bee accrued to September 30? Notes Payable Cash Notes Payable Interest Payable Cash Interest Expense Notes Payable Cash Interest Payable Notes Payable Interest Expense Cash 645540 609000 36540 36540 609000 24360 609000 12180 645540 645540 645540 645540

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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