On June 1, Swifty Company borrows $120,000 from First Bank on a 6-month, $120,000,8% note. (a) 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 and Media Debit Credit
On June 1, Swifty Company borrows $120,000 from First Bank on a 6-month, $120,000,8% note. (a) 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 and Media Debit Credit
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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
Transcribed Image Text: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
Dec. 1
Show Transcribed Text
C
What was the total financing cost (interest expense)?
Total financing cost
$
Debit
Credit

Transcribed Image Text:On June 1, Swifty Company borrows $120,000 from First Bank on a 6-month, $120,000, 8% note.
(a)
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
eTextbook and Media
List of Accounts
Show Transcribed Text
(b)
Date: Account Titles and Explanation
June 30
G
m Show Transcribed Text
U
Prepare the adjusting entry on June 30. (Credit account titles are automatically indented when amount is entered. Do not indent
manually)
Debit
Credit
Debit
Credit
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