Bricf Exercise 13-2 Pearl Company borrowed S42,000 on November 1, 2017, by signi

Question

Bricf Exercise 13-2 Pearl Company borrowed S42,000 on November 1, 2017, by signing a s42 000,9%, 3 month note. Prepare Pearl's November 1, 2017, entry; the December 31, 2017, annual adjusting entry; and the February 1 2018, entry (If no entry's required, select "No Entry for the account titles and enter 0 for the amounts. Credit account titles are automatically indented when amount is entered. Do not indent manually.) Date Account Titles and Explanation Debit Credit Click if you would like to Show Work for this question: Open Show Work

Explanation / Answer

01-11-2017 Cash 42000      Notes payable 42000    01-12-2017 Interest expense 630 =42000*9%/12*2       Interest payable 630 02-01-2018 Notes payable 42000 Interest expense 315 Interest payable 630       Cash 42945

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