-ac-gexam 3 Review Answers-ACC WileyPLUS Kimmel, Financial Accounting, 8e Help 1

Question

-ac-gexam 3 Review Answers-ACC WileyPLUS Kimmel, Financial Accounting, 8e Help 1 ment TOR PRINTER VE NEXT Exercise 10-3 (Part Level Submission) On June 1, Sandhill Co. ud, borrows $90,000 from Acme Bank on a 6-month, s90,000, g% note. The note matures on December 1. (a) Your answer is partially correct. Try again. Prepare the entry on June 1. (Credit account titles are automatically indented when amount is entered, Do not indent manually.) Date Account Titles and Explanation Debit Credit une 1cash SHOW LIST OF ACCOUNITS SNOW ANSwIR Attempts: 3 of 3 used (b) Prepare the adjusting entry on June 30. (Credit account titles are automatically indented when amount is entered. Do not indent manuallv.)

Explanation / Answer

Journal entry :

Date accounts & explanation debit credit June 1 Cash a/c 90000 Notes payable a/c 90000 (To record amount borrowed) June 30 Interest expenses a/c (90000*8%*1/12) 600 Interest payable a/c 600 (To record accured interest)

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