Crane Construction Ltd. borrowed $396,000 from Atco Finance Ltd. on October 1, 2023, by issuing a 6% nine-month note payable, with principal and interest payable at maturity. Both companies have a December 31 year end and make adjusting entries annually. (a) For Sheffield Construction, record (1) the receipt of the $396,000 cash and the issue of the note payable on October 1, 2023; (2) the accrual of interest on December 31, 2023; and (3) the payment of the note and interest on July 1, 2024. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter o for the amounts. List all debit entries before credit entries.) Account Titles Date Oct. 1, 2023 Dec. 31, 2023 July 1, 2024 Debit Cr

Crane Construction Ltd. borrowed $396,000 from Atco Finance Ltd. on October 1, 2023, by issuing a 6% nine-month note payable, with principal and interest payable at maturity. Both companies have a December 31 year end and make adjusting entries annually. (a) For Sheffield Construction, record (1) the receipt of the $396,000 cash and the issue of the note payable on October 1, 2023; (2) the accrual of interest on December 31, 2023; and (3) the payment of the note and interest on July 1, 2024. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter o for the amounts. List all debit entries before credit entries.) Account Titles Date Oct. 1, 2023 Dec. 31, 2023 July 1, 2024 Debit Cr

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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