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On August 1, 2022, The Cove at Mill Lake, Inc., purchased inventory costing $56,000 by signing a 9%, six-month, short-term note payable. The company will pay the entire note (principal and interest) on the note's maturity date. Read the requirements. Requirement 1. Journalize the company's purchase of inventory. (Record debits first, then credits. Exclude explanations from journal entries.) Journal Entry Aug Dec Date 2022 1 Requirement 2. Make the adjusting entry for accrual of interest on the note payable on December 31, 2022. (Record debits first, then credits. Exclude explanations from journal entries Journal Entry Date 2022 Feb 31 Accounts Date 2023 Accounts 1 Debit Amount Accounts Debit Requirement 4. Record the payment of the note payable (principal and interest) on its maturity date. (Record debits first, then credits. Exclude explanations from journal entries.) Journal Entry Credit Credit Requirement 3. At December 31, 2022, what is reported on the balance sheet related to this note payable? (If an input field is not used in the table, leave the field empty; do not select a label or enter a zero.) Balance Sheet (partial) on December 31, 2022 Account Debit C Credit Requirements 1. 2. Journalize the company's purchase of inventory. Make the adjusting entry for accrual of interest on the note payable on December 31, 2022 3. At December 31, 2022, what is reported on the balance sheet related to this note payable? 4. Record the payment of the note payable (principal and interest) on its maturity date. Print Done

On August 1, 2022, The Cove at Mill Lake, Inc., purchased inventory costing $56,000 by signing a 9%, six-month, short-term note payable. The company will pay the entire note (principal and interest) on the note's maturity date. Read the requirements. Requirement 1. Journalize the company's purchase of inventory. (Record debits first, then credits. Exclude explanations from journal entries.) Journal Entry Aug Dec Date 2022 1 Requirement 2. Make the adjusting entry for accrual of interest on the note payable on December 31, 2022. (Record debits first, then credits. Exclude explanations from journal entries Journal Entry Date 2022 Feb 31 Accounts Date 2023 Accounts 1 Debit Amount Accounts Debit Requirement 4. Record the payment of the note payable (principal and interest) on its maturity date. (Record debits first, then credits. Exclude explanations from journal entries.) Journal Entry Credit Credit Requirement 3. At December 31, 2022, what is reported on the balance sheet related to this note payable? (If an input field is not used in the table, leave the field empty; do not select a label or enter a zero.) Balance Sheet (partial) on December 31, 2022 Account Debit C Credit Requirements 1. 2. Journalize the company's purchase of inventory. Make the adjusting entry for accrual of interest on the note payable on December 31, 2022 3. At December 31, 2022, what is reported on the balance sheet related to this note payable? 4. Record the payment of the note payable (principal and interest) on its maturity date. Print Done

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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On August 1, 2022, The Cove at Mill Lake, Inc., purchased inventory costing $56,000 by signing a 9%, six-month, short-term note payable. The company will pay the entire note (principal and interest) on the note's maturity date. Read the requirements. Requirement 1. Journalize the company's purchase of inventory. (Record debits first, then credits. Exclude explanations from journal entries.) Journal Entry Aug Dec Date 2022 1 Requirement 2. Make the adjusting entry for accrual of interest on the note payable on December 31, 2022. (Record debits first, then credits. Exclude explanations from journal entries Journal Entry Date 2022 Feb 31 Accounts Date 2023 Accounts 1 Debit Amount Accounts Debit Requirement 4. Record the payment of the note payable (principal and interest) on its maturity date. (Record debits first, then credits. Exclude explanations from journal entries.) Journal Entry Credit Credit Requirement 3. At December 31, 2022, what is reported on the balance sheet related to this note payable? (If an input field is not used in the table, leave the field empty; do not select a label or enter a zero.) Balance Sheet (partial) on December 31, 2022 Account Debit C Credit Requirements 1. 2. Journalize the company's purchase of inventory. Make the adjusting entry for accrual of interest on the note payable on December 31, 2022 3. At December 31, 2022, what is reported on the balance sheet related to this note payable? 4. Record the payment of the note payable (principal and interest) on its maturity date. Print Done
Transcribed Image Text:On August 1, 2022, The Cove at Mill Lake, Inc., purchased inventory costing $56,000 by signing a 9%, six-month, short-term note payable. The company will pay the entire note (principal and interest) on the note's maturity date. Read the requirements. Requirement 1. Journalize the company's purchase of inventory. (Record debits first, then credits. Exclude explanations from journal entries.) Journal Entry Aug Dec Date 2022 1 Requirement 2. Make the adjusting entry for accrual of interest on the note payable on December 31, 2022. (Record debits first, then credits. Exclude explanations from journal entries Journal Entry Date 2022 Feb 31 Accounts Date 2023 Accounts 1 Debit Amount Accounts Debit Requirement 4. Record the payment of the note payable (principal and interest) on its maturity date. (Record debits first, then credits. Exclude explanations from journal entries.) Journal Entry Credit Credit Requirement 3. At December 31, 2022, what is reported on the balance sheet related to this note payable? (If an input field is not used in the table, leave the field empty; do not select a label or enter a zero.) Balance Sheet (partial) on December 31, 2022 Account Debit C Credit Requirements 1. 2. Journalize the company's purchase of inventory. Make the adjusting entry for accrual of interest on the note payable on December 31, 2022 3. At December 31, 2022, what is reported on the balance sheet related to this note payable? 4. Record the payment of the note payable (principal and interest) on its maturity date. Print Done
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