Sigfried company borrows 60000 on july 1 from the bank by, Ask an Expert

Accounting

Sigfried Company borrows $60,000 on July 1 from the bank by signing a $60,000, 10%, one-year note payable.

There are two parts to this question.

Prepare the journal entry to record the proceeds of the note.

Prepare the journal entry to record the accrued interest at December 31st, assuming adjusting journal entries are made only at the end of the year

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Accounting Basics, Accounting

Category:- Accounting Basics
Reference No.:- M9277826

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