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.)
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Seaport Corp. had the following transactions during 2024:
Complete this question by entering your answers in the tabs below.
Required 1 Required 2
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.
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 list
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.)
Journal entry worksheet
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Borrowed $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 on
December 31, 2024.
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1- Proctoring Enable X
tproctorio.com/secured#lockdown
ng Enabled: Chapter 2 Required Homewor...
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Seaport Corp. had the following transactions during 2024:
Complete this question by entering your answers in the tabs below.
Required 1 Required 2
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.
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 list
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.)
Journal entry worksheet
<
1
3
Saved
2
3
4
Borrowed $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 on
December 31, 2024.
Prev
1 of 5
G Search or type URL
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Seaport Corp. had the following transactions during 2024:
Required 1
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.
Complete this question by entering your answers in the tabs below.
Window Help
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 2
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.)
View transaction list
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.
<
Journal entry worksheet
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2
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Saved
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Borrowed $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 on
December 31, 2024.
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Question 1 - Proctoring Enable X +
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Proctoring Enabled: Chapter 2 Required Homewor... 1
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Seaport Corp. had the following transactions during 2024:
Required 1
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.
Complete this question by entering your answers in the tabs below.
Window Help
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 2
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.)
View transaction list
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.
<
Journal entry worksheet
1
2
E
Saved
3 4
Borrowed $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 on
December 31, 2024.
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Expert Solution

Step 1
Given that,
Amount borrowed from bank on 1 February = $20,000 at 9% interest.
Amount paid for insurance of two years = $5,200
Supplies purchased on account = $3,600
Supplies in hand = $1,650
Amount borrowed by customer = $8,400 at 7% interest.
Adjusting entries are those entries which are made at the end of the reporting period to adjust the items to the financial statements in the period to which it belongs.
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