Prepare the appropriate journal entries for each of the following transactions in 2014. (Credit accouities are automatically indented when the amount is entered. Do not indent manually. List all debit entries before credit entries.) 3. On April 1, Cynthia Company borrows $37.200 from Teal Mountain Bank by signing a 5-month, 5%, interest-bearing note. (a) Prepare the entry for Cynthia on April 1 when the note was issued. (b) Prepare any adjusting entries necessary on June 30 for Cynthia in order to prepare the semiannual financial statements. (c) Prepare the entry to record payment of the note by Cynthia at maturity. Date Account Titles and Explanation Debit Credit 100
Prepare the appropriate journal entries for each of the following transactions in 2014. (Credit accouities are automatically indented when the amount is entered. Do not indent manually. List all debit entries before credit entries.) 3. On April 1, Cynthia Company borrows $37.200 from Teal Mountain Bank by signing a 5-month, 5%, interest-bearing note. (a) Prepare the entry for Cynthia on April 1 when the note was issued. (b) Prepare any adjusting entries necessary on June 30 for Cynthia in order to prepare the semiannual financial statements. (c) Prepare the entry to record payment of the note by Cynthia at maturity. Date Account Titles and Explanation Debit Credit 100
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Transcribed Image Text:Prepare the appropriate journal entries for each of the following transactions in 2014. (Credit accouities are automatically
indented when the amount is entered. Do not indent manually. List all debit entries before credit entries.)
3. On April 1, Cynthia Company borrows $37.200 from Teal Mountain Bank by signing a 5-month, 5%, interest-bearing note.
(a) Prepare the entry for Cynthia on April 1 when the note was issued.
(b) Prepare any adjusting entries necessary on June 30 for Cynthia in order to prepare the semiannual financial statements.
(c) Prepare the entry to record payment of the note by Cynthia at maturity.
Date
Account Titles and Explanation
eTextbook and Medial
List of Accounts
Debit
Credit
1000
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