Accounting

posted by .

On Hune 1, Coble Company Ltd. borrows $40,000 from first Bank on a 6-month, $40,000, 9% note. The note matures on December 1.

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)
plz help my homework. thx for reading.

Respond to this Question

First Name
School Subject
Your Answer

Similar Questions

  1. accounting

    Iron's paper Company, whose fiscal year ends December 31, completed the following transactions involving notes payable: Nov. 25 Purchased a new loading cart by issuing a 60day, 10% not for $43,200 Dec. 16 Borrowed $50,000 from the …
  2. accounting

    On june 1, coble company ltd borrows $40,000 from first bank on a 6-month, $40,000, 9% note. The note matures on December 1
  3. accounting

    initial investment in the company of $26,200 cash. Here are the assets and liabilities for the month of June, its first month of operation. Cash $4,600.00 Accounts receivable $4,000.00 Revenue $7,000.00 Supplies $2,400.00 Advertising …
  4. Accounting

    On June 1, Melendez Company borrows $90,000 from First Bank on a 6-month, $90,000, 12% note. Instructions (a) Prepare the entry on June 1. (b) Prepare the adjusting entry on June 30. (c) Prepare the entry at maturity (December 1), …
  5. finance

    For this assignment, imagine you are the accountant for Floral Design Company and are assigned to prepare the monthly bank reconciliation. Complete this task, by using the data below: 1. Complete the bank reconciliation for the month …
  6. Accounting

    #9 Unrecorded Liability: Adjusting Entry Refer to PE 4-8. (1) Make the adjusting entry necessary on the company’s books with respect to this loan on December 31. (2) Make the journal entry necessary on the company’s books on the …
  7. Accounting

    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 …
  8. accounting

    On December 1, Nautilus corporation borrowed $90,000 from a bank and signed a 10%, 90-day note payable in the amount of $90,000. The December 31 adjusting entry will be:
  9. accounting

    On January 1, 2008 Touring company agreed to buy some equipment from Jones Company. Touring company signed a note,agreeing to pay Jones company $500,000 for the equipment on December 31, 2010. The market rate of interest for this note …
  10. accounting

    •XYZ Company signed an 18-month, $20,000, 8% note on June 1, 2006. The amount of interest to be accrued on December 31, 2006, assuming no prior interest entry is:

More Similar Questions