For the following situation, record the adjusting journal entry required on December 31, 2016, for The Prestige Corporation. No financial statements were prepared during the year and no adjusting entries were recorded. On June 1, 2016, The Prestige Corporation borrowed $36,000 from the bank on a 9- month loan. The annual interest rate is 10%.

FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
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For the following situation, record the
adjusting journal entry required on
December 31, 2016, for The Prestige
Corporation. No financial statements were
prepared during the year and no adjusting
entries were recorded.
On June 1, 2016, The Prestige Corporation
borrowed $36,000 from the bank on a 9-
month loan. The annual interest rate is 10%.
Transcribed Image Text:For the following situation, record the adjusting journal entry required on December 31, 2016, for The Prestige Corporation. No financial statements were prepared during the year and no adjusting entries were recorded. On June 1, 2016, The Prestige Corporation borrowed $36,000 from the bank on a 9- month loan. The annual interest rate is 10%.
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