Suppose, on September1, 2019 Fido Corporation borrows $30,000 from its bank for a period of 8 months at an annual interest rate of 5%. Please do the following journal entries. a) September 1, 2019 Fido corporation borrows $30,000 at an interest rate of 5% for 8 months Date Debit Credit Db Cr b) Adjustment entry at year end on December 31. 2019 to record for the interest owed. Date Debit Credit Db Cr c) Payment of the note on May 1, 2020.
Suppose, on September1, 2019 Fido Corporation borrows $30,000 from its bank for a period of 8 months at an annual interest rate of 5%. Please do the following journal entries. a) September 1, 2019 Fido corporation borrows $30,000 at an interest rate of 5% for 8 months Date Debit Credit Db Cr b) Adjustment entry at year end on December 31. 2019 to record for the interest owed. Date Debit Credit Db Cr c) Payment of the note on May 1, 2020.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Question
1.Suppose, on September1, 2019 Fido Corporation borrows $30,000 from its bank for a period of 8 months at an annual interest rate of 5%. Please do the following journal entries.
- a) September 1, 2019 Fido corporation borrows $30,000 at an interest rate of 5% for 8 months
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Cr |
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- b)
Adjustment entry at year end on December 31. 2019 to record for the interest owed.
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Cr |
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- c) Payment of the note on May 1, 2020.
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Date |
Debit |
Credit |
Db |
Cr |
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