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On June 1, Swifty Company borrows $120,000 from First Bank on a 6-month, $120,000,8% note. (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 June 1 and Media Debit Credit

On June 1, Swifty Company borrows $120,000 from First Bank on a 6-month, $120,000,8% note. (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 June 1 and Media Debit Credit

FINANCIAL ACCOUNTING
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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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 Dec. 1 Show Transcribed Text C What was the total financing cost (interest expense)? Total financing cost $ Debit Credit
Transcribed Image Text: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 Dec. 1 Show Transcribed Text C What was the total financing cost (interest expense)? Total financing cost $ Debit Credit
On June 1, Swifty Company borrows $120,000 from First Bank on a 6-month, $120,000, 8% note. (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 June 1 eTextbook and Media List of Accounts Show Transcribed Text (b) Date: Account Titles and Explanation June 30 G m Show Transcribed Text U Prepare the adjusting entry on June 30. (Credit account titles are automatically indented when amount is entered. Do not indent manually) Debit Credit Debit Credit
Transcribed Image Text:On June 1, Swifty Company borrows $120,000 from First Bank on a 6-month, $120,000, 8% note. (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 June 1 eTextbook and Media List of Accounts Show Transcribed Text (b) Date: Account Titles and Explanation June 30 G m Show Transcribed Text U Prepare the adjusting entry on June 30. (Credit account titles are automatically indented when amount is entered. Do not indent manually) Debit Credit Debit Credit
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