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THREE FLAGS Co. borrowed $100,000 from the Bull Run Bank on September 1, 2018.  The note earns interest at a rate of 12% and matures in six months on February 28, 2019.  THREE FLAGS is supposed to pay off BOTH principal and interests on February 28, 2019. Both THREE FLAGS Co. and Bull Run Bank prepares their financial statements on December 31. Please provide Journal entries for THREE FLAGS Co. on the following dates: 9/1/2018 12/31/2018 2/28/2019 Please provide Journal entries for Bull Run Bank on the following dates: 9/1/2018 12/31/2018 2/28/2019

THREE FLAGS Co. borrowed $100,000 from the Bull Run Bank on September 1, 2018.  The note earns interest at a rate of 12% and matures in six months on February 28, 2019.  THREE FLAGS is supposed to pay off BOTH principal and interests on February 28, 2019. Both THREE FLAGS Co. and Bull Run Bank prepares their financial statements on December 31. Please provide Journal entries for THREE FLAGS Co. on the following dates: 9/1/2018 12/31/2018 2/28/2019 Please provide Journal entries for Bull Run Bank on the following dates: 9/1/2018 12/31/2018 2/28/2019

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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THREE FLAGS Co. borrowed $100,000 from the Bull Run Bank on September 1, 2018.  The note earns interest at a rate of 12% and matures in six months on February 28, 2019.  THREE FLAGS is supposed to pay off BOTH principal and interests on February 28, 2019. Both THREE FLAGS Co. and Bull Run Bank prepares their financial statements on December 31.

Please provide Journal entries for THREE FLAGS Co. on the following dates:

9/1/2018

12/31/2018

2/28/2019

Please provide Journal entries for Bull Run Bank on the following dates:

9/1/2018

12/31/2018

2/28/2019

 

 

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