Details of this Paper

Kile Company borrows $90,000 on July 1 from the ba...

Description

Solution


Question

Kile Company borrows $90,000 on July 1 from the bank by signing a $90,000, 8%, 1-year note payable. Prepare the journal entries to record (a) the proceeds of the note and (b) accrued interest at December 31, assuming adjusting entries are made only at the end of the year. Date Account/Description Debit Credit (a) July 1 (b) Dec. 31

 

Paper#12892 | Written in 18-Jul-2015

Price : $25
SiteLock