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April 21, 2015

Homework Help: Accounting

Posted by Kate on Tuesday, November 1, 2011 at 7:54pm.

On June 1, Coble Company Ltd. borrows $64,000 from First Bank on a 6-month, $64,000, 9% note. The note matures on December 1. (List multiple debit/credit entries from largest to smallest.)

a) Prepare the entry on June 1.

b) Prepare the adjusting entry on June 30.

c) Prepare the entry at maturity (December 1),assuming monthly adjusting entries have been made through November 30.

d) What was the total financing cost (interest expense)?

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