Reference no: EM13953155
Notes and Interest
Glencoe Inc. operates with a June 30 year-end. During 2014, the following transactions occurred:
a. January 1: Signed a one-year, 10% loan for $25,000. Interest and principal are to be paid at maturity.
b. January 10: Signed a line of credit with Little Local Bank to establish a $400,000 line of credit. Interest of 9% will be charged on all borrowed funds.
c. February 1: Issued a $20,000 non-interest-bearing, six-month note to pay for a new machine. Interest on the note, at 12%, was deducted in advance.
d. March 1: Borrowed $150,000 on the line of credit.
e. June 1: Repaid $100,000 on the line of credit plus accrued interest.
f. June 30: Made all necessary adjusting entries.
g. August 1: Repaid the non-interest-bearing note.
h. September 1: Borrowed $200,000 on the line of credit.
i. November 1: Issued a three-month, 8%, $12,000 note in payment of an overdue open account.
j. December 31: Repaid the one-year loan [from transaction (a)] plus accrued interest.
Required
1. Record all journal entries necessary to report these transactions.
2. As of December 31, which notes are outstanding? How much interest is due on each?
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