FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN: 9781259964947
Author: Libby
Publisher: MCG
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View Policies Current Attempt in Progress On June 1, Monty Corp. Ltd. borrows $61,500 from Acme Bank on a 6-month, $61,500, 8% note. The note matures on December 1. (a) 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 Debit Credit June 1 (b) 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 Debit Credit June 30
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Transcribed Image Text:View Policies Current Attempt in Progress On June 1, Monty Corp. Ltd. borrows $61,500 from Acme Bank on a 6-month, $61,500, 8% note. The note matures on December 1. (a) 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 Debit Credit June 1 (b) 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 Debit Credit June 30
(c) 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 Debit Credit Dec. 1 (d) What was the total financing cost (interest expense)? Total financing cost
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Transcribed Image Text:(c) 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 Debit Credit Dec. 1 (d) What was the total financing cost (interest expense)? Total financing cost
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