n June 1, Wildhorse Company Ltd. borrows from Scotiabank on a 6-month, $48,800, 9% note. The note matures on December 1terest is due monthly starting July 1. Wildhorse only prepares adjusting entries at its fiscal year end.Prepare the entry on June 1. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If noentry is required, select "No Entry" for the account titles and enter O for the amounts. List debit entry before credit entry.)DateAccount TitlesJune 1eTextbook and MediaList of AccountsDebitCreditPrepare the adjusting entry on June 30, Wildhorse's fiscal year end. (Credit account titles are automatically indented when the amountis entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts. List debitentry before credit entry.)

The objective of this question is to prepare the journal entries for Wildhorse Company Ltd. when it…

Answered: n June 1, Wildhorse Company Ltd.…

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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At the end of the year, a company has a balance in Allowance for Uncollectible Accounts of $220 (credit) before any year-end adjustment. The balance of ACcounts Receivable is $15,900. The company estimates that 14% of accounts receivable will not be collected over the next year. Record the adjustment for uncollectible accounts. (If no entry is required for a particular transaction/event, select "No Journal Entry Required" in the first account field.) View transaction list Journal entry worksheet 1 Record the adjustment for uncollectible accounts. Note: Enter debits before credits. Event General Journal Debit Credit 吕0 F3 888 4 F5 F6 F7 FB # 2$ & * 4 5 7 9 E R Y U P S F G J K C V alt mand command option *3
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