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)

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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During 2024, Sarasota Co. borrowed cash from Blossom Company by issuing notes payable as follows:
1
2.
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 titles are automatically Indented when amount
is entered. Do not indent menually. If no entry is required, select "No Entry for the account titles and enter O for the amounts Record
journal entries in the order presented in the problem. List all debit entries before credit entries)

Definition Definition Structural system an enterprise uses to collect, store, report, retrieve, and process financial data. Accounting information systems are used by business analysts, auditors, accountants, and consultants for accurate and efficient access to financial data.

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