View History Bookmarks Profiles Tab Window Help1- Proctoring Enable Xtproctorio.com/secured#lockdownng Enabled: Chapter 2 Required Homewor...+Seaport Corp. had the following transactions during 2024:Complete this question by entering your answers in the tabs below.Required 1 Required 2February 1 Borrowed $20,000 from a bank and signed a note. Principal and interest at 9% will be paid on January 31,2025.April 1Paid $5,200 to an insurance company for a two-year fire insurance policy.July 17 Purchased supplies costing $3,600 on account. At the year-end on December 31, 2024, supplies costing $1,650remained on hand.November 1A customer borrowed $8,400 and signed a note requiring the customer to pay principal and 7% interest on April30, 2025.Record each transaction in general journal form.Note: If no entry is required for a transaction/event, select "No journal entry required" in the first account field.View transaction listRequired:1. Please carefully record each transaction in general journal form.2. Please prepare any necessary adjusting entries at the year-end on December 31, 2024. (Note: no adjusting entries were recordedduring the year for any item.)Journal entry worksheet<13Saved234Borrowed $20,000 from a bank and signed a note. Principal and interest at 9%will be paid on January 31, 2025. Prepare the necessary adjusting entry onDecember 31, 2024.Prev1 of 5G Search or type URLIII=>Next >826+9Help80%0Save & Exit Edit ViewView History Bookmarks Profiles TabQuestion 1 - Proctoring Enable X +getproctorio.com/secured#lockdown1Proctoring Enabled: Chapter 2 Required Homewor... 1McGrawHillSeaport Corp. had the following transactions during 2024:Required 1February 1 Borrowed $20,000 from a bank and signed a note. Principal and interest at 9% will be paid on January 31,2025.April 1Paid $5,200 to an insurance company for a two-year fire insurance policy.July 17 Purchased supplies costing $3,600 on account. At the year-end on December 31, 2024, supplies costing $1,650remained on hand.Complete this question by entering your answers in the tabs below.Window HelpNovember 1 A customer borrowed $8,400 and signed a note requiring the customer to pay principal and 7% interest on April30, 2025.Required 2Required:1. Please carefully record each transaction in general journal form.2. Please prepare any necessary adjusting entries at the year-end on December 31, 2024. (Note: no adjusting entries were recordedduring the year for any item.)View transaction listRecord each transaction in general journal form.Note: If no entry is required for a transaction/event, select "No journal entry required" in the first account field.<Journal entry worksheet12ESaved3 4Borrowed $20,000 from a bank and signed a note. Principal and interest at 9%will be paid on January 31, 2025. Prepare the necessary adjusting entry onDecember 31, 2024.R5Prev1 of 5Search or type URL7▬JNext >8Help80%+Save & Exit9

Seaport Corp. had the follow February 1 Borrowed $20,000 from a bank and signed a note. Principal and interest at 9% will be paid on January 31, 2025. April 1 Paid $5,200 to an insurance company for a two-year fire insurance policy. July 17 Purchased supplies costing $3,600 on account. At the year-end on December 31, 2024, supplies costing $1,650 remained on hand. November 1 A customer borrowed $8,400 and signed a note requiring the customer to pay principal and 7% interest on April 30, 2025. Required: 1. Please carefully record each transaction in general journal form. 2. Please prepare any necessary adjusting entries at the year-end on December 31, 2024. (Note: no adjusting entries were recorded during the year for any item.)

Seaport Corp. had the follow February 1 Borrowed $20,000 from a bank and signed a note. Principal and interest at 9% will be paid on January 31, 2025. April 1 Paid $5,200 to an insurance company for a two-year fire insurance policy. July 17 Purchased supplies costing $3,600 on account. At the year-end on December 31, 2024, supplies costing $1,650 remained on hand. November 1 A customer borrowed $8,400 and signed a note requiring the customer to pay principal and 7% interest on April 30, 2025. Required: 1. Please carefully record each transaction in general journal form. 2. Please prepare any necessary adjusting entries at the year-end on December 31, 2024. (Note: no adjusting entries were recorded during the year for any item.)

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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