Answered: On November 1, 2021, Dual Systems…

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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Question

On November 1, 2021, Dual Systems borrows $290,000 to expand operations. Dual Systems signs a six-month, 9% promissory note. Interest is payable at maturity. Dual System's year-end is December 31.

1., 2. & 3. Record the following transactions for the note payable by Dual Systems. (If no entry is required for a particular transaction/event, select "No Journal Entry Required" in the first account field. Do not round intermediate calculations. Round your answers to the nearest dollar amount.)

Record the issuance of the note by Dual Systems.

Date	General Journal	Debit	Credit
Nov 01, 2021

Record the appropriate adjusting entry for the note by Dual Systems on December 31, 2021.

Date	General Journal	Debit	Credit
Dec 31, 2021

Record the payment of the note by Dual Systems at maturity on April 30, 2022.

Date	General Journal	Debit	Credit
Apr 30, 2022

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