Prepare the journal entries to record the proceeds of note, Accounting Basics

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Prepare the journal entries to record the proceeds of note

Kile Company borrows $71,423 on July 1 from the bank by signing a $71,423, 9%, 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.

Date Account/Description Debit Credit

(a) July 1 Cash .........
Notes payable .....

(b) Dec. 31 Interest expense......
Interest payable ......

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Accounting Basics: Prepare the journal entries to record the proceeds of note

Reference No:- TGS069641

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Accounting Basics: Prepare the journal entries to record the proceeds of note

Reference No:- TGS069641

Have a Question? (oR Write a Review)

Recent Questions Asked Accounting Basics

Q : Amount of net income or loss for the year

Q : What is the net effect of gains and losses

Q : Statements concerning internal controls

Q : Straight-line amortization for bond premium or discount

Q : Prepare the journal entries to record the proceeds of note

Q : Prepare an abbreviated income statement for wabash for year

Q : Determining the currency denomination

Q : Cash dividend and the amount of cash required

Q : What are two critical operating forecast method

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Request for Solution File

Ask an Expert for Answer!!

Accounting Basics: Prepare the journal entries to record the proceeds of note

Reference No:- TGS069641

Recent Questions Asked Accounting Basics

Q : Amount of net income or loss for the year

Q : What is the net effect of gains and losses

Q : Statements concerning internal controls

Q : Straight-line amortization for bond premium or discount

Q : Prepare the journal entries to record the proceeds of note

Q : Prepare an abbreviated income statement for wabash for year

Q : Determining the currency denomination

Q : Cash dividend and the amount of cash required

Q : What are two critical operating forecast method

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