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Natalie is thinking of repaying all amounts outstanding to her grandmother. Recall that Cookie Creations borrowed $2,000 on November 16, 2023, from Natalie's grandmother. Interest on the note is 9% per year, and the note plus interest was to be repaid in 24 months. Recall that a monthly adjusting journal entry was prepared for the months of November 2023 (1/2 month), December 2023, and January 2024. Calculate the interest payable that was accrued and recorded up to January 31, 2024. (Round answer to 0 decimal places, e.g. 125.) Interest payable $ List of Accounts Calculate the total interest expense and interest payable from February 1 to August 31, 2024. (Round answer to 0 decimal places, e.g. 125.) Total interest expense and interest payable $

Natalie is thinking of repaying all amounts outstanding to her grandmother. Recall that Cookie Creations borrowed $2,000 on November 16, 2023, from Natalie's grandmother. Interest on the note is 9% per year, and the note plus interest was to be repaid in 24 months. Recall that a monthly adjusting journal entry was prepared for the months of November 2023 (1/2 month), December 2023, and January 2024. Calculate the interest payable that was accrued and recorded up to January 31, 2024. (Round answer to 0 decimal places, e.g. 125.) Interest payable $ List of Accounts Calculate the total interest expense and interest payable from February 1 to August 31, 2024. (Round answer to 0 decimal places, e.g. 125.) Total interest expense and interest payable $

FINANCIAL ACCOUNTING
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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Prepare the journal entry at August 31, 2024, to bring the accounting records up to date. (Credit account titles are automatically indented when amount is entered. Do not indent manually. Round answer to O decimal places, e.g. 125.) Date Account Titles and Explanation Aug. 31 List of Accounts Date Account Titles and Explanation Debit Natalie repays her grandmother on September 15, 2024-10 months after her grandmother extended the loan to Cookie Creations. Prepare the journal entry for the loan repayment. (Credit account titles are automatically indented when amount is entered. Do not indent manually. Round answer to O decimal places, e.g. 125.) Sept. 15 Credit Debit Credit
Transcribed Image Text:Prepare the journal entry at August 31, 2024, to bring the accounting records up to date. (Credit account titles are automatically indented when amount is entered. Do not indent manually. Round answer to O decimal places, e.g. 125.) Date Account Titles and Explanation Aug. 31 List of Accounts Date Account Titles and Explanation Debit Natalie repays her grandmother on September 15, 2024-10 months after her grandmother extended the loan to Cookie Creations. Prepare the journal entry for the loan repayment. (Credit account titles are automatically indented when amount is entered. Do not indent manually. Round answer to O decimal places, e.g. 125.) Sept. 15 Credit Debit Credit
Natalie is thinking of repaying all amounts outstanding to her grandmother. Recall that Cookie Creations borrowed $2,000 on November 16, 2023, from Natalie's grandmother. Interest on the note is 9% per year, and the note plus interest was to be repaid in 24 months. Recall that a monthly adjusting journal entry was prepared for the months of November 2023 (1/2 month), December 2023, and January 2024. Calculate the interest payable that was accrued and recorded up to January 31, 2024. (Round answer to O decimal places, e.g. 125.) Interest payable $ List of Accounts Calculate the total interest expense and interest payable from February 1 to August 31, 2024. (Round answer to 0 decimal places, e.g. 125.) Total interest expense and interest payable $
Transcribed Image Text:Natalie is thinking of repaying all amounts outstanding to her grandmother. Recall that Cookie Creations borrowed $2,000 on November 16, 2023, from Natalie's grandmother. Interest on the note is 9% per year, and the note plus interest was to be repaid in 24 months. Recall that a monthly adjusting journal entry was prepared for the months of November 2023 (1/2 month), December 2023, and January 2024. Calculate the interest payable that was accrued and recorded up to January 31, 2024. (Round answer to O decimal places, e.g. 125.) Interest payable $ List of Accounts Calculate the total interest expense and interest payable from February 1 to August 31, 2024. (Round answer to 0 decimal places, e.g. 125.) Total interest expense and interest payable $
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