Instructions General Journal X Balance Sheet On November 16, 2019, Clear Glass Company borrowed $20,000 from First American Bank by issuing a 90-day. 1. Prepare the necessary journal entries to record: 2. Show how the preceding items would be reported on the December 31, 2019, balance sheet. non-interest-bearing note. The bank discounted this note at 16% and remitted the difference to Clear Glass. 1. the issuance of the note on November 16. 2019 2. the related adjustment on December 31, 2019 Required: 3. payment of the note on February 15, 200 Balance Sheet instructions 1. Prepare the journal entries of Clear Glass to record the preceding information, the related calendar 4 interest expense 2020 on February 15. 2020 vear-end adiusting entry and payment of the note at maturity 2. Show how the preceding items would be reported on the December 31, 2019, balance sheet CLEAR GLASS COMPANY 3. Next Level what is Clear Glass Company's effective interest rate? Patial Balance Sheet General Jounal Instructions December 31. 2019 Current Liabilities: PAGE 1 GENERAL JOURNAL DATE ACCOUNT TITUE POST, REF. DEBIT CREDIT
Instructions General Journal X Balance Sheet On November 16, 2019, Clear Glass Company borrowed $20,000 from First American Bank by issuing a 90-day. 1. Prepare the necessary journal entries to record: 2. Show how the preceding items would be reported on the December 31, 2019, balance sheet. non-interest-bearing note. The bank discounted this note at 16% and remitted the difference to Clear Glass. 1. the issuance of the note on November 16. 2019 2. the related adjustment on December 31, 2019 Required: 3. payment of the note on February 15, 200 Balance Sheet instructions 1. Prepare the journal entries of Clear Glass to record the preceding information, the related calendar 4 interest expense 2020 on February 15. 2020 vear-end adiusting entry and payment of the note at maturity 2. Show how the preceding items would be reported on the December 31, 2019, balance sheet CLEAR GLASS COMPANY 3. Next Level what is Clear Glass Company's effective interest rate? Patial Balance Sheet General Jounal Instructions December 31. 2019 Current Liabilities: PAGE 1 GENERAL JOURNAL DATE ACCOUNT TITUE POST, REF. 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
Chapter9: Current Liabilities And Contingent Obligations
Section: Chapter Questions
Problem 3E: Non-Interest-Bearing Notes Payable On November 16, 2019, Clear Glass Company borrowed 20,000 from...
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Transcribed Image Text:Instructions
General Journal
Balance Sheet
On November 16, 2019, Clear Glass Company borrowed $20,000 from First American Bank by issuing a 90-day,
1. Prepare the necessary journal entries to record:
2. Show how the preceding items would be reported on the December 31, 2019, balance sheet.
non-interest-bearing note. The bank discounted this note at 16% and remitted the difference to Clear Glass.
1. the issuance of the note on November 16, 2019
2. the related adjustment on December 31, 2019
Required:
Balance Sheet Instructions
3. payment of the note on February 15, 2020
1. Prepare the journal entries of Clear Glass to record the preceding information, the related calendar
year-end adjusting entry, and payment of the note at maturity.
4. interest expense for 2020 on February 15, 2020
2. Show how the preceding items would be reported on the December 31, 2019, balance sheet.
CLEAR GLASS COMPANY
3. Next Level What is Clear Glass Company's effective interest rate?
Partial Balance Sheet
General Journal Instructions
December 31, 2019
1 Current Liabilities:
PAGE 1
2
GENERAL JOURNAL
3
DATE
ACCOUNT TITLE
POST. REF.
DEBIT
CREDIT
1
2
3
4
5
6
7
8
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