Brief Exercise 1 Mann Corporation borrowed64,600 on November 1 2017 by signing $

Question

Brief Exercise 1 Mann Corporation borrowed64,600 on November 1 2017 by signing $65 830 3-month zero-interest-bearing note. Prepare Marin's November 1 2017, entry: the December 31 2017, annual adjusting entry; and the February 1, 2018, entry (If no entry is required, select "No Entry" for the account titles and enter o for the amounts. Credit account titles are automatically indented when amount is entered. Do not indent manually.) 3-3 Debit Credit Date Account Titles and Explanation (To record interest) (To pay note Open Show Work Click if you would like to Show Work for this question:

Explanation / Answer

Date Account titles and explanation Debit Credit 11/1/17 Cash $64,600 Discount on Bonds Payable $1,230 Bonds Payable $65,830 12/31/17 Interest expense $820 Discount on Bonds Payable($1,230 × 2/3) $820 2/1/18 Interest expense $410 Discount on Bonds Payable $410 Notes payable $65,830 Cash $65,830

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