Monty Corp. borrows $68,400 on July 1 from the bank by signing a $68,400, 8%, 1-year note payable. (a) Prepare the journal entry to record the proceeds of the note. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) Date Account Titles and Explanation Debit Credit July 1 enter an account title to record the proceeds of the note on July 1 enter a debit amount enter a credit amount enter an account title to record the proceeds of the note on July 1 enter a debit amount enter a credit amount (b) Prepare the journal entry to record the accrued interest at December 31, assuming adjusting entries are made only at the end of the year. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) Date Account Titles and Explanation Debit Credit Dec. 31 enter an account title to record the accrued interest on December 31 enter a debit amount enter a credit amount enter an account title to record the accrued interest on December 31 enter a debit amount enter a credit amount
Monty Corp. borrows $68,400 on July 1 from the bank by signing a $68,400, 8%, 1-year note payable. (a) Prepare the journal entry to record the proceeds of the note. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) Date Account Titles and Explanation Debit Credit July 1 enter an account title to record the proceeds of the note on July 1 enter a debit amount enter a credit amount enter an account title to record the proceeds of the note on July 1 enter a debit amount enter a credit amount (b) Prepare the journal entry to record the accrued interest at December 31, assuming adjusting entries are made only at the end of the year. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) Date Account Titles and Explanation Debit Credit Dec. 31 enter an account title to record the accrued interest on December 31 enter a debit amount enter a credit amount enter an account title to record the accrued interest on December 31 enter a debit amount enter a credit amount
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Question
Monty Corp. borrows $68,400 on July 1 from the bank by signing a $68,400, 8%, 1-year note payable.
(a)
Prepare the
|
Date
|
Account Titles and Explanation
|
Debit
|
Credit
|
|---|---|---|---|
|
July 1
|
enter an account title to record the proceeds of the note on July 1
|
enter a debit amount
|
enter a credit amount
|
|
enter an account title to record the proceeds of the note on July 1
|
enter a debit amount
|
enter a credit amount
|
(b)
Prepare the journal entry to record the accrued interest at December 31, assuming
|
Date
|
Account Titles and Explanation
|
Debit
|
Credit
|
|---|---|---|---|
|
Dec. 31
|
enter an account title to record the accrued interest on December 31
|
enter a debit amount
|
enter a credit amount
|
|
enter an account title to record the accrued interest on December 31
|
enter a debit amount
|
enter a credit amount
|
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