On June 1, Cullumber Company Ltd. borrows from Scotiabank on a 6-month, $42,400,9% note. The note matures on December 1. Interest is due monthly starting July 1. Cullumber 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 no entry is required, select "No Entry" for the account titles and enter O for the amounts. List debit entry before credit entry.) Date Account Titles June 1 eTextbook and Media List of Accounts Debit Credit Prepare the adjusting entry on June 30, Cullumber's fiscal year end. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts. List debit entry before credit entry.) Date Account Titles June 30 Debit Credit eTextbook and Media List of Accounts Prepare the entry to record the payment of interest on July 1. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts. List debit entry before credit entry.) Date Account Titles July 1 eTextbook and Media List of Accounts Debit Credit Prepare the entry at maturity, on December 1. Include the interest payment for the month in the entry. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts. List all debit entries before credit entries.) Date Account Titles Dec. 1 Debit Credit eTextbook and Media List of Accounts
On June 1, Cullumber Company Ltd. borrows from Scotiabank on a 6-month, $42,400,9% note. The note matures on December 1. Interest is due monthly starting July 1. Cullumber 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 no entry is required, select "No Entry" for the account titles and enter O for the amounts. List debit entry before credit entry.) Date Account Titles June 1 eTextbook and Media List of Accounts Debit Credit Prepare the adjusting entry on June 30, Cullumber's fiscal year end. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts. List debit entry before credit entry.) Date Account Titles June 30 Debit Credit eTextbook and Media List of Accounts Prepare the entry to record the payment of interest on July 1. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts. List debit entry before credit entry.) Date Account Titles July 1 eTextbook and Media List of Accounts Debit Credit Prepare the entry at maturity, on December 1. Include the interest payment for the month in the entry. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts. List all debit entries before credit entries.) Date Account Titles Dec. 1 Debit Credit eTextbook and Media List of Accounts
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
Related questions
Question
Transcribed Image Text:On June 1, Cullumber Company Ltd. borrows from Scotiabank on a 6-month, $42,400,9% note. The note matures on December 1.
Interest is due monthly starting July 1. Cullumber 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 no
entry is required, select "No Entry" for the account titles and enter O for the amounts. List debit entry before credit entry.)
Date Account Titles
June 1
eTextbook and Media
List of Accounts
Debit
Credit
Prepare the adjusting entry on June 30, Cullumber's fiscal year end. (Credit account titles are automatically indented when the
amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts. List
debit entry before credit entry.)
Date Account Titles
June 30
Debit
Credit
eTextbook and Media
List of Accounts
Prepare the entry to record the payment of interest on July 1. (Credit account titles are automatically indented when the amount is
entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts. List debit entry
before credit entry.)
Date Account Titles
July 1
eTextbook and Media
List of Accounts
Debit
Credit
Prepare the entry at maturity, on December 1. Include the interest payment for the month in the entry. (Credit account titles are
automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles
and enter O for the amounts. List all debit entries before credit entries.)
Date Account Titles
Dec. 1
Debit
Credit
eTextbook and Media
List of Accounts
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