Sign In Sign Up Ask an AI advisor
dazzlecaptain212
dazzlecaptain212
27.11.2019 • 
Business

Skysong, inc. borrows $68,400 on july 1 from the bank by signing a $68,400, 6%, 1-year note payable. (a) prepare the journal entry to record the proceeds of the note. (credit account titles are automatically indented when amount is entered. do not indent manually.) date account titles and explanation debit credit july 1 enter an account title to record the proceeds of the note on july 1 cash enter a debit amount 68400 enter a credit amount enter an account title to record the proceeds of the note on july 1 notes payable enter a debit amount enter a credit amount 68400 (b) prepare the journal entry to record the accrued interest at december 31, assuming adjusting entries are made only at the end of the year.

Solved
Show answers

Ask an AI advisor a question

I want advice