McGraw-H cxD Ch 13 Part 2 HW urse BUS205Intern C | eztamhe ducationcorn/hm.tp.:0

Question

McGraw-H cxD Ch 13 Part 2 HW urse BUS205Intern C | eztamhe ducationcorn/hm.tp.:0.7833536070265142_1512427875250 20.00 points Brief Exercise 13-1 Bank loan; accrued interest [LO13-2 On October 1, Eder Fabrication borrowed $62 million and issued a nine-month, 11% promissory note. Interest was payable at maturity Prepare the journal entry for the issuance of the note and the appropriate adjusting entry for the note at December 3i, the end of the reporting period. If no entry is required for a transaction/event, select "No ournal entry required" in the first account field. Enter your answers in whole dollars.) View transaction list Journal entry worksheet 2 Record the issuance of the note Note: Enter debits before credits. Event General Journal Debit Credit Record entry Clear entry View general journal

Explanation / Answer

Journal entry :

Date accounts & explanation debit credit Oct 1 Cash a/c 62000000     Notes payable a/c 62000000 (To record amount borrowed) dec 31 Interest expenses a/c 1705000      Interest payable a/c 1705000 (TO record accured interest)

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