On June 1, Crane Company Ltd. borrows $66,000 from Acme Bank on a 6-month, $66,000, 8% note. The note matures on December 1. Prepare the entry on June 1. (Credit account titles are automatically indented when amount is entered. Do not indent manually.)DateAccount Titles and ExplanationDebitCreditJune 1enter an account title for the entry on June 1enter a debit amountenter a credit amount enter an account title for the entry on June 1enter a debit amountenter a credit amount eTextbook and MediaList of Accounts Prepare the adjusting entry on June 30. (Credit account titles are automatically indented when amount is entered. Do not indent manually.)DateAccount Titles and ExplanationDebitCreditJune 30enter an account title for the adjusting entry on June 30enter a debit amountenter a credit amount enter an account title for the adjusting entry on June 30enter a debit amountenter a credit amount eTextbook and MediaList of Accounts Prepare the entry at maturity (December 1), assuming monthly adjusting entries have been made through November 30. (Credit account titles are automatically indented when amount is entered. Do not indent manually.)DateAccount Titles and ExplanationDebitCreditDec. 1enter an account title for the entry at maturity on December 1enter a debit amountenter a credit amount enter an account title for the entry at maturity on December 1enter a debit amountenter a credit amount enter an account title for the entry at maturity on December 1enter a debit amountenter a credit amount eTextbook and MediaList of Accounts What was the total financing cost (interest expense)?Total interest expense $enter the Total interest expense in dollars

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Answered: n June 1, Crane Company Ltd. borrows…

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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Date	Account Titles and Explanation	Debit	Credit
June 1	enter an account title for the entry on June 1	enter a debit amount	enter a credit amount
	enter an account title for the entry on June 1	enter a debit amount	enter a credit amount

eTextbook and Media

List of Accounts

Prepare the adjusting entry on June 30. (Credit account titles are automatically indented when amount is entered. Do not indent manually.)

Date	Account Titles and Explanation	Debit	Credit
June 30	enter an account title for the adjusting entry on June 30	enter a debit amount	enter a credit amount
	enter an account title for the adjusting entry on June 30	enter a debit amount	enter a credit amount

eTextbook and Media

List of Accounts

Prepare the entry at maturity (December 1), assuming monthly adjusting entries have been made through November 30. (Credit account titles are automatically indented when amount is entered. Do not indent manually.)

Date	Account Titles and Explanation	Debit	Credit
Dec. 1	enter an account title for the entry at maturity on December 1	enter a debit amount	enter a credit amount
	enter an account title for the entry at maturity on December 1	enter a debit amount	enter a credit amount
	enter an account title for the entry at maturity on December 1	enter a debit amount	enter a credit amount

eTextbook and Media

List of Accounts

What was the total financing cost (interest expense)?

Total interest expense

$enter the Total interest expense in dollars

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