Prepare the journal entries to record, Accounting Basics

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Prepare the journal entries to record

Kile Company borrows $63,359 on July 1 from the bank by signing a $63,359, 8%, 1-year note payable. Prepare the journal entries to record (a) the proceeds of the note and (b) accrued interest at December 31, assuming adjusting entries are made only at the end of the year.

a) July 1 Cash 63359
Notes payable 63359
(b) Dec. 31 Interest expense.Interest payable ?

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Accounting Basics: Prepare the journal entries to record

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Accounting Basics: Prepare the journal entries to record

Reference No:- TGS0706452

Have a Question? (oR Write a Review)

Recent Questions Asked Accounting Basics

Q : Prepare a general fund journal entry to record the holiday

Q : What net effect would the valuation of these stock

Q : Debate the necessity of preparing formal financial

Q : What is the total cost of inventory

Q : Prepare the journal entries to record

Q : How is accounts receivable turnover calculated

Q : Discuss the evolution of the income statement found

Q : The whitton company uses a discount rate

Q : How do we judge a companys collection effectiveness

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Request for Solution File

Ask an Expert for Answer!!

Accounting Basics: Prepare the journal entries to record

Reference No:- TGS0706452

Recent Questions Asked Accounting Basics

Q : Prepare a general fund journal entry to record the holiday

Q : What net effect would the valuation of these stock

Q : Debate the necessity of preparing formal financial

Q : What is the total cost of inventory

Q : Prepare the journal entries to record

Q : How is accounts receivable turnover calculated

Q : Discuss the evolution of the income statement found

Q : The whitton company uses a discount rate

Q : How do we judge a companys collection effectiveness

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