On July 1, 2017, Sunny Inc. borrowed $90,000 from Scuzz Bank on a 10 month, 6% note payable. Interest is payable on Apri
Posted: Tue Apr 26, 2022 10:00 am
On July 1, 2017, Sunny Inc. borrowed $90,000 from Scuzz Bank on
a 10 month, 6% note payable. Interest is payable on April 30, 2022,
the due date of the note. Their accounting year ends January 31,
2017.
Required:
1. Prepare the journal entry on the company's books
to record the note payable on July 1, 2016.
2. Prepare any year end adjusting entries required
on January 31, 2017.
3. Show how this information will be presented on
the company's 2017 year-end Statement of Financial Position (
Do not include cash).
4. Prepare the entry to record the payment on April
30, 2017.
a 10 month, 6% note payable. Interest is payable on April 30, 2022,
the due date of the note. Their accounting year ends January 31,
2017.
Required:
1. Prepare the journal entry on the company's books
to record the note payable on July 1, 2016.
2. Prepare any year end adjusting entries required
on January 31, 2017.
3. Show how this information will be presented on
the company's 2017 year-end Statement of Financial Position (
Do not include cash).
4. Prepare the entry to record the payment on April
30, 2017.