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Indicate the amounts and direction of effects on the element

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On April 1 of the current year, Warren Corporation received a $50,000, 5 percent note from a customer in settlement of a $50,000 open account receivable. According to the terms, the principal of the note and interest are payable at the end of 12 months. Warren's fiscal year ends on December 31.

  • On August 1 of the current year, to meet a cash shortage, Warren Corporation obtained a $50,000, 6 percent loan from a local bank. The principal of the note and interest expense are payable at the end of six months.

Problem 1: For the relevant transaction dates of each note, indicate the amounts and direction of effects on the elements of the statement of financial position and the statement of earnings.

Reference no: EM132911642

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