Hi,How do I organize these transactions ?Thanks Concord Construction Ltd. borrowed $370,000 from Atco Finance Ltd. on October 1, 2020, by issuing a nine-month note payable at4% interest payable at maturity. Both companies have a December 31 year end and make adjusting entries annually. For Concord Construction, record (1) the receipt of the $370,000 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 titlesare automatically indented when the amount is entered. Do not indent manually. List all debit entries before credit entries.)DateAccount Titles and Explanation(To record interest)(To record repayment of bank loan)DebitCredit

Notes payable are a type of long-term liability that indicates the money that a company owes its…

Concord Construction Ltd. borrowed $370,000 from Atco Finance Ltd. on October 1, 2020, by issuing a nine-month note payable at 4% interest payable at maturity. Both companies have a December 31 year end and make adjusting entries annually.

Concord Construction Ltd. borrowed $370,000 from Atco Finance Ltd. on October 1, 2020, by issuing a nine-month note payable at 4% interest payable at maturity. Both companies have a December 31 year end and make adjusting entries annually.

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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Question

Hi,

How do I organize these transactions ?

Thanks

Concord Construction Ltd. borrowed $370,000 from Atco Finance Ltd. on October 1, 2020, by issuing a nine-month note payable at
4% interest payable at maturity. Both companies have a December 31 year end and make adjusting entries annually.

For Concord Construction, record (1) the receipt of the $370,000 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
(To record interest)
(To record repayment of bank loan)
Debit
Credit

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