ctice Assignment Gradebook ORION Downloadable eTextbook ment CALCULATOR HESSAGE

Question

ctice Assignment Gradebook ORION Downloadable eTextbook ment CALCULATOR HESSAGE MY INSTRUCTOR ULL SCREEN PRENTER Exercise 8-2 On June 1, Pharoah Company Ltd. borrows $60,000 from Acme Bank on a 6-month, $60,000, 6% note. The note matures on December 1. (a) Prepare a tabular summary to record the note issued on June 1. (b) Prepare a tabular summary to record adjustment on June 30. (c) Prepare a tabular summary to record the repayment at maturity (December 1), assuming monthly adjustments have been made through November 30. (If a transaction causes a decrease in Assets, Liabilities Liability or Equity item that was reduced.) or Stockholders' Equity, place a negative sign (or parentheses) In front of the amount entered for Assets Liabilities Stockholders' Equity Retained Earnings Cash Notes Pay. +Interest Pay. +Common Stock+ Revenue Expense Dividend (a) June 1, 2017 (b) June 30, 2017 Interest expense (c) Dec. 1, 2017 SHOW LIST OF ACCOUNTS LINK TO TEXT VIDEO SIMILAR EXERCISE What was the total financing cost (interest expense)? licy 2000-2018 John Wiley &Sons;,Ins, All Rights Reserved. A Division of 2ohn Wiley&Sons; Inc

Explanation / Answer

Assets = Liabilities + Stockholders equity Retained Earnings Cash = Notes Payable + Interest Payable + Common Stock + Revenue - Expense - Dividends June 1, 2017 60000 60000 June 30, 2017 300 300 Dec 1,2017 -60000 -60000 -1800 Total Interest Expense = 300*6 = $ 1800

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