During 2024, Sarasota Co. borrowed cash from Blossom Company try issuing notes payable as follows: 1. June 1, 2024, issued an eight month, 4% note for $78.000. Interest and principal are payable at maturity October 1, 2024, issued a three-month 6% note for $48,000. Interest is payable monthly on the first day of the month Principal is payable at maturity Sarasota has a November 30 fiscal year end and prepares adjusting entries on an annual basis (a) Prepare all necessary journal entries for Sarasota to record the notes (Credit account oties are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry for the account sities and enter O for the amounts Record journal entries in the order presented in the problem. List of debt entries before credit entries)

During 2024, Sarasota Co. borrowed cash from Blossom Company try issuing notes payable as follows: 1. June 1, 2024, issued an eight month, 4% note for $78.000. Interest and principal are payable at maturity October 1, 2024, issued a three-month 6% note for $48,000. Interest is payable monthly on the first day of the month Principal is payable at maturity Sarasota has a November 30 fiscal year end and prepares adjusting entries on an annual basis (a) Prepare all necessary journal entries for Sarasota to record the notes (Credit account oties are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry for the account sities and enter O for the amounts Record journal entries in the order presented in the problem. List of debt entries before credit entries)

Principles of Accounting Volume 1

19th Edition

ISBN:9781947172685

Author:OpenStax

Publisher:OpenStax

Chapter9: Accounting For Receivables

Section: Chapter Questions

Problem 22MC: A company collects an honored note with a maturity date of 24 months from establishment, a 10%...

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