Brief Exercise 10-2Wildhorse Co. borrows $68,400 on July 1 from the bank by signing a $68,400, 8%, 1-year note payable.(a)Prepare the journal entry to record the proceeds of the note. (Credit account titles are automatically indented when amouDate Account Titles and ExplanationDebitCreditJuly 1(b)Prepare the journal entry to record the accrued interest at December 31, assuming adjusting entries are made only at the end of themanually.)DateAccount Titles and ExplanationDebitCreditDec. 31Click if you would like to Show Work for this question:Open Show WorkSHOW LIST OF ACCOUNTSLINK TO TEXTINTERACTIVE TUTORIAL LUSKiumel, Financial Accounting, 8eHolo 1 Systen AnnouncementsBrief Exercise 10-2wildhorse Co. borrows $68,400 on July 1 from the bank by signing a $68,400, 8%, 1-year note payable.19(a)Prepare the journal entry to record the proceeds of the note. (Credit account titles are automatically indented when amount is entered. Do not indent manually)Date Account Titles and ExplanationDebitCreditJuly 1(b)Prepare the journal entry to record the accrued interest at December 31, assuming adjusting entries are made only at the end of the year. (Credit account titles are automaticallymanually.)dyDate Account Titles and ExplanationDebitCreditDec. 31Click if you would like to Show Work for this question: Open Show WorkSHOW LIST OoF ACCOUNTSLINK TO TEXTINTERACTIVE TUTORIALQuestion Attempts: 0 of 3 us

Interest accrued on dec 31 = face value of note x rate of interest x 6/12 = $64,800 x 8% x 6/12 =…

Wildhorse Co. borrows $68,400 on July 1 from the bank by signing a $68,400, 8%, 1-year note payable. (a) Prepare the journal entry to record the proceeds of the note. (Credit account titles are automatically indented when amo Date Account Titles and Explanation Debit Credit July 1 (b) Prepare the journal entry to record the accrued interest at December 31, assuming adjusting entries are made only at the end of th manually.) Date Account Titles and Explanation Debit Credit Dec. 31

Wildhorse Co. borrows $68,400 on July 1 from the bank by signing a $68,400, 8%, 1-year note payable. (a) Prepare the journal entry to record the proceeds of the note. (Credit account titles are automatically indented when amo Date Account Titles and Explanation Debit Credit July 1 (b) Prepare the journal entry to record the accrued interest at December 31, assuming adjusting entries are made only at the end of th manually.) Date Account Titles and Explanation Debit Credit Dec. 31

College Accounting, Chapters 1-27

23rd Edition

ISBN:9781337794756

Author:HEINTZ, James A.

Publisher:HEINTZ, James A.

Chapter17: Accounting For Notes And Interest

Section: Chapter Questions

Problem 8SEA: JOURNAL ENTRIES (NOTE ISSUED FOR BANK LOAN) Prepare general journal entries for the following...

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