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On June 1, Blossom Company Ltd. borrows $60,000 from Acme Bank on a 6-month, $60,000,4% 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) Date Account Titles and Explanation June 1 List of Accounts June 30 Dec. 1 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 Date Account Titles and Explanation List of Accounts I 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) What was the total financing cost (interest expense)? Debit Debit Debit Credit Credit Credit

On June 1, Blossom Company Ltd. borrows $60,000 from Acme Bank on a 6-month, $60,000,4% 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) Date Account Titles and Explanation June 1 List of Accounts June 30 Dec. 1 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 Date Account Titles and Explanation List of Accounts I 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) What was the total financing cost (interest expense)? Debit Debit Debit Credit Credit Credit

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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answer in text form please (without image), Note: .Every entry should have narration please
On June 1, Blossom Company Ltd. borrows $60,000 from Acme Bank on a 6-month, $60,000, 4% 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) Date Account Titles and Explanation June 1 List of Accounts Dec. 1 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 June 30 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 What was the total financing cost (interest expense)? I Debit Total interest expense Debit Debit Credit Credit Credit
Transcribed Image Text:On June 1, Blossom Company Ltd. borrows $60,000 from Acme Bank on a 6-month, $60,000, 4% 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) Date Account Titles and Explanation June 1 List of Accounts Dec. 1 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 June 30 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 What was the total financing cost (interest expense)? I Debit Total interest expense Debit Debit Credit Credit Credit
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