WileyPLUSii i Ge Help I Assignment > Open CHAPTER 10 HW-NOVA Brief Exercise 10-2

Question

WileyPLUSii i Ge Help I Assignment > Open CHAPTER 10 HW-NOVA Brief Exercise 10-2 wildhorse C. borrows $69,600 on July 1 from the bank by signing a $69,600, 10%. 1-year note payable. Brief Exercise 10-12 Prepare the journal entry to record the proceeds of the note. (Credit account titles are automaticaily Indented Exercise 10-21 Multiple Choice Question 242 ally July 1 Prepare the journal entry to record the accrued interest at December 31, assuming adjusting entries are made titles are automatically Indented when amount is entered. Do not indent manually.) Debit Date Account Titles and Explanation Dec. 31 Open Show Work Click if you would like to Show Work for this question:

Explanation / Answer

ANSWER

DATE

ACCOUNT TITLES AND EXPLANATIONS

DEBIT

AMOUNT IN $

CREDIT

AMOUNT IN $

(A)

July 31

Bank A/c

69600

       To Notes Payable A/c

69600

(Being Notes issued @10 %)

(B)

December 31

Interest A/c

3480

        To Accrued Interest A/c

3480

(Being interest accrued till December recorded ( 69600 * 10% * 6 months)

ANSWER

DATE

ACCOUNT TITLES AND EXPLANATIONS

DEBIT

AMOUNT IN $

CREDIT

AMOUNT IN $

(A)

July 31

Bank A/c

69600

       To Notes Payable A/c

69600

(Being Notes issued @10 %)

(B)

December 31

Interest A/c

3480

        To Accrued Interest A/c

3480

(Being interest accrued till December recorded ( 69600 * 10% * 6 months)

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