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.
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.
Cornerstones of Financial Accounting
4th Edition
ISBN:9781337690881
Author:Jay Rich, Jeff Jones
Publisher:Jay Rich, Jeff Jones
Chapter9: Long-term Liabilities
Section: Chapter Questions
Problem 92PSB
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Question
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 for this note on September 30, 2020.
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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