How to prepare the journal entries to record, Accounting Basics

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How to prepare the journal entries to record

Kile Company borrows $63,359 on July 1 from the bank by signing a $63,359, 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.

a) July 1 Cash 63359
Notes payable 63359
(b) Dec. 31 Interest expense ?
Interest payable ?

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Accounting Basics: How to prepare the journal entries to record

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Accounting Basics: How to prepare the journal entries to record

Reference No:- TGS0706430

Have a Question? (oR Write a Review)

Recent Questions Asked Accounting Basics

Q : Discuss the total standard cost of the materials

Q : Assuming adjusting entries are made

Q : The payment of the note and interest

Q : Prepare the journal entries necessary to account

Q : How to prepare the journal entries to record

Q : Determine the rate earned on total asset

Q : Explain average collection period

Q : Company acid-test ratio is closest

Q : The ending accounts receivable balance

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Request for Solution File

Ask an Expert for Answer!!

Accounting Basics: How to prepare the journal entries to record

Reference No:- TGS0706430

Recent Questions Asked Accounting Basics

Q : Discuss the total standard cost of the materials

Q : Assuming adjusting entries are made

Q : The payment of the note and interest

Q : Prepare the journal entries necessary to account

Q : How to prepare the journal entries to record

Q : Determine the rate earned on total asset

Q : Explain average collection period

Q : Company acid-test ratio is closest

Q : The ending accounts receivable balance

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