On June 1, Blossom Company Ltd. borrows $60,000 from Acme Bank on a 6-month, $60,000,4% note. The note matures on December 1. Prepare the entry on June 1. (Credit account titles are automatically indented when amount is entered. Do not Indent manually) Date Account Titles and Explanation June 1 List of Accounts June 30 Dec. 1 Prepare the adjusting entry on June 30. (Credit account titles are automatically indented when amount is entered. Do not indent manually) Date Account Titles and Explanation Date Account Titles and Explanation List of Accounts I Prepare the entry at maturity (December 1), assuming monthly adjusting entries have been made through November 30. (Credit account titles are automatically indented when amount is entered. Do not indent manually) What was the total financing cost (interest expense)? Debit Debit Debit Credit Credit Credit

We know that Interest is payable at the time of Maturity, at the end of every month a liability is…

Answered: On June 1, Blossom Company Ltd. borrows $60,000 from Acme Bank on a 6-month, $60,000,4% note. The note matures on December 1. Prepare the entry on June 1.…

FINANCIAL ACCOUNTING

10th Edition

ISBN: 9781259964947

Author: Libby

Publisher: MCG

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Question

answer in text form please (without image), Note: .Every entry should have narration please

On June 1, Blossom Company Ltd. borrows $60,000 from Acme Bank on a 6-month, $60,000, 4% note. The note matures on
December 1.
Prepare the entry on June 1. (Credit account titles are automatically indented when amount is entered. Do not Indent manually)
Date Account Titles and Explanation
June 1
List of Accounts
Dec. 1
Prepare the adjusting entry on June 30. (Credit account titles are automatically indented when amount is entered. Do not indent
manually)
Date Account Titles and Explanation
June 30
List of Accounts
Prepare the entry at maturity (December 1), assuming monthly adjusting entries have been made through November 30. (Credit
account titles are automatically indented when amount is entered. Do not Indent manually)
Date Account Titles and Explanation
What was the total financing cost (interest expense)?
I
Debit
Total interest expense
Debit
Debit
Credit
Credit
Credit

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Step 1: Interest on note:

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Step 2: Journal entry for borrowing:

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Step 3: Adjusting entry on Jun 30:

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Step 4: Journal entry at maturity:

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Step 5: Total interest expense

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