On September 1, 2022, Hare Today pet-supply store Co. borrowed $9,000 from Gone Tomorrow Bank, signing a 6-month, 4-percent note. Interest is to be paid at maturity. Hare Today and Gone Tomorrow both have a December 31 year-end. 1. Record the journal entry for the transaction for Hare Today, the borrower, on September 1, 2022. SE R E Date 11/30 A L NI CF Account DR CR

FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
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Ab. 119.

Problem Two:
On September 1, 2022, Hare Today pet-supply store Co. borrowed $9,000 from Gone Tomorrow Bank, signing a 6-month, 4-percent note. Interest is
to be paid at maturity. Hare Today and Gone Tomorrow both have a December 31 year-end.
1. Record the journal entry for the transaction for Hare Today, the borrower, on September 1, 2022.
Date
11/30
A
L
SE
R
E
NI
CF
2. Record the appropriate adjusting entry related to the note by Hare Today on December 31, 2022.
Date
A
L
SE
R
E
NI
CF
11/30
Account
Account
3. Record the journal entry for the payment of the amount due to Gone Tomorrow at the note's maturity on March 1, 2023.
Date
A
L
SE
R
E
NI
CF
Account
11/30
DR
DR
DR
CR
CR
CR
Transcribed Image Text:Problem Two: On September 1, 2022, Hare Today pet-supply store Co. borrowed $9,000 from Gone Tomorrow Bank, signing a 6-month, 4-percent note. Interest is to be paid at maturity. Hare Today and Gone Tomorrow both have a December 31 year-end. 1. Record the journal entry for the transaction for Hare Today, the borrower, on September 1, 2022. Date 11/30 A L SE R E NI CF 2. Record the appropriate adjusting entry related to the note by Hare Today on December 31, 2022. Date A L SE R E NI CF 11/30 Account Account 3. Record the journal entry for the payment of the amount due to Gone Tomorrow at the note's maturity on March 1, 2023. Date A L SE R E NI CF Account 11/30 DR DR DR CR CR CR
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