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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The following adjusted trial balance contains the accounts and year-end balances of Cruz Company as of December 31. No. Account Title Debit Credit 101 Cash $18,000 9,900 2,000 23,000 126 Supplies 128 Prepaid insurance 167 Equipment 168 Accumulated depreciation-Equipment 301 A. Cruz, Capital 302 A. Cruz, Withdrawals 404 Services revenue $ 6,500 42,465 6,000 43,400 612 Depreciation expense-Equipment 622 Salaries expense 2,000 25,302 1,823 2,908 637 Insurance expense 640 Rent expense 652 Supplies expense 1,432 Totals $92,365 $92,365 1. Prepare the December 31, closing entries for Cruz Company. Assume the account number for Income Summary is 901. 2. Prepare the December 31, post-closing trial balance for Cruz Company. Note: A. Cruz, Capital was $42,465 on December 31 of the prior year. Complete this questions by entering your answers in the tabs below.
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Subject : - Account