View History Bookmarks1- Proctoring Enable X +proctorio.com/secured#lockdownEnabled: Chapter 2 Required Homewor... iProfiles Tab Window HelpRequired 1Seaport Corp. had the following transactions during 2024: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 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.Complete this question by entering your answers in the tabs below.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 recordedduring the year for any item.)View transaction listRequired 2<Prepare any necessary adjusting entries at the year-end on December 31, 2024. No adjusting entries were recorded during the year forany item.Note: Do not round intermediate calculations. If no entry is required for a particular transaction/event, select "No journal entry required"in the first account field.Journal entry worksheet12Saved34Prev1 of 5G Search or type URL>80%Help Save & Exit SulNext >Show less ATue0 View History Bookmarksn 1 - Proctoring Enable X +tproctorio.com/secured#lockdownng Enabled: Chapter 2 Required Homewor... iin the first account riela.View transaction listJournal entry worksheet<Profiles Tab Window Help12DateDecember 31,20243Note: Enter debits before credits.Record entryBorrowed $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, 2024.4General JournalClear entry< Required 1SavedPrevDebit1 of 5CreditView general journalRequired 2>Next >ABOOGCOCOON

Journal entries are the daily transactions recorded in the books of accounts whereas the adjusting…

Seaport Corp. had the following transactions during 2024: 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 following transactions during 2024: 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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