Prepare the journal entries for citizens bank, Accounting Basics

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Prepare the journal entries for citizens bank

Accent corp. owes $600,000 to Citizens Bank. The debt is a 10-year, 10% note due December 31, 2012. Accent is in financial trouble. Citizens Bank agrees to extend the maturity date to December 31, 2015, reduce the principal to $500,000, and reduce the interest rate to 6%, payable annually each December 31.

a. Prepare the journal entries for Citizens Bank for the December 31 of 2012, 2013, 2014, and 2015. Show all work

b. Prepare the journal entries for Accent Corp. for the December 31 of 2012, 2013, 2014, and 2015. Show all work

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Accounting Basics: Prepare the journal entries for citizens bank

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Accounting Basics: Prepare the journal entries for citizens bank

Reference No:- TGS0682977

Have a Question? (oR Write a Review)

Recent Questions Asked Accounting Basics

Q : Will the interest expense be higher or lower

Q : How would the bonds payable and the interest expense

Q : Explain the break-even volume in units and in dollars

Q : What is the weighted-average number of shares

Q : Prepare the journal entries for citizens bank

Q : Compute the amount of goodwill acquired by winans

Q : What are your allowable tax

Q : How the patent has an expected useful life

Q : Expalin the best deal with bad news disclosures

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Request for Solution File

Ask an Expert for Answer!!

Accounting Basics: Prepare the journal entries for citizens bank

Reference No:- TGS0682977

Recent Questions Asked Accounting Basics

Q : Will the interest expense be higher or lower

Q : How would the bonds payable and the interest expense

Q : Explain the break-even volume in units and in dollars

Q : What is the weighted-average number of shares

Q : Prepare the journal entries for citizens bank

Q : Compute the amount of goodwill acquired by winans

Q : What are your allowable tax

Q : How the patent has an expected useful life

Q : Expalin the best deal with bad news disclosures

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