2. Prepare any adjusting entry required on December 31, 2020. (If no entry is required for a transaction/event, select "No journalentry required" in the first account field. Enter your answers in whole dollars.)View transaction listJournal entry worksheetRecord the adjusting entry required on December 31, 2020.Note: Enter debits before credits.DateGeneral JournalDebitCreditDecember 31,2020Record entryClear entryView general journal Many businesses borrow money during periods of increased business activity to finance inventory and accounts receivable. Hudson'sBay Company (HBC) is Canada's largest department store. Each Christmas, HBC builds up its inventory to meet the needs of Christmasshoppers. A large portion of Christmas sales are on credit. As a result, HBC often collects cash from the sales several months afterChristmas. Assume that on November 1, 2020, HBC borrowed $6.3 million cash from Downtown Bank and signed a promissory notethat matures in six months. The interest rate was 6.9 percent payable at maturity. The accounting period ends December 31.Required:1. Prepare the journal entry to record the note on November 1, 2020. (If no entry is required for a transaction/event, select "Nojournal entry required" in the first account field. Enter your answers in whole dollars.)View transaction IlistJournal entry worksheetRecord the journal entry to record the note on November 1, 2020.Note: Enter debits before credits.DateGeneral JournalDebitCreditNovember 01,2020

These are the accounting transactions that are having a monetary impact on the financial statement…

Justing entry required on December 31, 2020. ntry required" in the first account field. Enter your answers in View transaction list Journal entry worksheet Record the adjusting entry required on December 31, 2020.

Justing entry required on December 31, 2020. ntry required" in the first account field. Enter your answers in View transaction list Journal entry worksheet Record the adjusting entry required on December 31, 2020.

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

2. Prepare any adjusting entry required on December 31, 2020. (If no entry is required for a transaction/event, select "No journal
entry required" in the first account field. Enter your answers in whole dollars.)
View transaction list
Journal entry worksheet
Record the adjusting entry required on December 31, 2020.
Note: Enter debits before credits.
Date
General Journal
Debit
Credit
December 31,
2020
Record entry
Clear entry
View general journal

Many businesses borrow money during periods of increased business activity to finance inventory and accounts receivable. Hudson's
Bay Company (HBC) is Canada's largest department store. Each Christmas, HBC builds up its inventory to meet the needs of Christmas
shoppers. A large portion of Christmas sales are on credit. As a result, HBC often collects cash from the sales several months after
Christmas. Assume that on November 1, 2020, HBC borrowed $6.3 million cash from Downtown Bank and signed a promissory note
that matures in six months. The interest rate was 6.9 percent payable at maturity. The accounting period ends December 31.
Required:
1. Prepare the journal entry to record the note on November 1, 2020. (If no entry is required for a transaction/event, select "No
journal entry required" in the first account field. Enter your answers in whole dollars.)
View transaction Ilist
Journal entry worksheet
Record the journal entry to record the note on November 1, 2020.
Note: Enter debits before credits.
Date
General Journal
Debit
Credit
November 01,
2020

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