On April 1, Bridgeport Corporation borrows $168,000 from Rigor Bank by signing an 8-month, 9%, bank loan. Interest is due at maturity. Prepare the entries listed below associated with the bank loan on the books of Bridgeport Corporation. Its year end is June 30. (a) The entry on April 1 when the loan was received. (If no entry is required, select "No entry" for the account titles and enter O for the amounts. Credit account titles are automatically indented when amount is entered. Do not indent manually. List debit entry before credit entry.) Account Titles and Explanation Date June 30 Debit Credit

On April 1, Bridgeport Corporation borrows $168,000 from Rigor Bank by signing an 8-month, 9%, bank loan. Interest is due at maturity. Prepare the entries listed below associated with the bank loan on the books of Bridgeport Corporation. Its year end is June 30. (a) The entry on April 1 when the loan was received. (If no entry is required, select "No entry" for the account titles and enter O for the amounts. Credit account titles are automatically indented when amount is entered. Do not indent manually. List debit entry before credit entry.) Account Titles and Explanation Date June 30 Debit Credit

Intermediate Accounting: Reporting And Analysis

3rd Edition

ISBN:9781337788281

Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Chapter6: Cash And Receivables

Section: Chapter Questions

Problem 14RE: On June 1, Phillips Corporation sold, with recourse, a note receivable from a customer to a bank....

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