- On July 1 2021 Hanutes Inc Borrowed 90 000 From Scuzz Bankon A 10 Month 69 Note Payable Interest Is Payable On Apr 1 (24.21 KiB) Viewed 41 times
On July 1, 2021, Hanutes inc. borrowed $90,000 from Scuzz Bankon a 10 month, 69 note payable. Interest is payable on Apr
-
answerhappygod
- Site Admin
- Posts: 899604
- Joined: Mon Aug 02, 2021 8:13 am
On July 1, 2021, Hanutes inc. borrowed $90,000 from Scuzz Bankon a 10 month, 69 note payable. Interest is payable on Apr
On July 1, 2021, Hanutes inc. borrowed $90,000 from Scuzz Bankon a 10 month, 69 note payable. Interest is payable on April 30, 2022, the due date of the note. Their accounting year ends January 31, 2022. Required: 1. Prepare the journal entry on the company's books to record the note payable on July 1, 2021. 2. Prepare any year end adjusting entries required on January 31, 2022. 3. Show how this information will be presented on the company's 2022 year-end statement of Financial Position (ignore cash). 4. Prepare the entry to record the payment on April 30, 2022
Join a community of subject matter experts. Register for FREE to view solutions, replies, and use search function. Request answer by replying!