Ellsworth Enterprises borrowed $425,000 on an 8%, interest-bearing note on September 30, 2020. Ellsworth ends its fiscal year on December 31. The note was paid with interest on May 31, 2021. Prepare the entry to record the repayment of the note on May 31, 2021. Account Names DR CR Blank 1. Fill in the blank, read surrounding text. Blank 2. Fill in the blank, read surrounding text. Blank 3. Fill in the blank, read surrounding text. Blank 4. Fill in the blank, read surrounding text. Blank 5. Fill in the blank, read surrounding text. Blank 6. Fill in the blank, read surrounding text. Blank 7. Fill in the blank, read surrounding text. Blank 8. Fill in the blank, read surrounding text. Blank 9. Fill in the blank, read surrounding text. Blank 10. Fill in the blank, read surrounding text. Blank 11. Fill in the blank, read surrounding text. Blank 12. Fill in the blank, read surrounding text. Blank 13. Fill in the blank, read surrounding text. Blank 14. Fill in the blank, read surrounding text. Blank 15. Fill in the blank, read surrounding text. Blank 16. Fill in the blank, read surrounding text. Blank 17. Fill in the blank, read surrounding text. Blank 18. Fill in the blank, read surrounding text. Blank 19. Fill in the blank, read surrounding text. Blank 20. Fill in the blank, read surrounding text. Show any calculations Blank 21. Fill in the blank, read surrounding text.

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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Ellsworth Enterprises borrowed $425,000 on an 8%, interest-bearing note on September 30, 2020. Ellsworth ends its fiscal year on December 31. The note was paid with interest on May 31, 2021.

Prepare the entry to record the repayment of the note on May 31, 2021.

Account Names	DR	CR
Blank 1. Fill in the blank, read surrounding text.	Blank 2. Fill in the blank, read surrounding text.	Blank 3. Fill in the blank, read surrounding text.	Blank 4. Fill in the blank, read surrounding text.
Blank 5. Fill in the blank, read surrounding text.	Blank 6. Fill in the blank, read surrounding text.	Blank 7. Fill in the blank, read surrounding text.	Blank 8. Fill in the blank, read surrounding text.
Blank 9. Fill in the blank, read surrounding text.	Blank 10. Fill in the blank, read surrounding text.	Blank 11. Fill in the blank, read surrounding text.	Blank 12. Fill in the blank, read surrounding text.
Blank 13. Fill in the blank, read surrounding text.	Blank 14. Fill in the blank, read surrounding text.	Blank 15. Fill in the blank, read surrounding text.	Blank 16. Fill in the blank, read surrounding text.
Blank 17. Fill in the blank, read surrounding text.	Blank 18. Fill in the blank, read surrounding text.	Blank 19. Fill in the blank, read surrounding text.	Blank 20. Fill in the blank, read surrounding text.
Show any calculations	Blank 21. Fill in the blank, read surrounding text.

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