Make the necessary postings based on adjusting entry

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Reference no: EM132807918

Issued to Banco de Oro for a bank loan an 18%, thirty-day note for $36,500 dated December 21, 2015.

Required:

Problem a. Give the entry to adjust for accrued interest on December 31, 2015.

Problem b. Open T accounts for accrued interest and interest expense with an amount of $550 as of December 31, 2015. Make the necessary postings based on your adjusting entry. Determine the balances that should be presented in the financial statements.

Problem c. Record the collection on the maturity date.

Problem d. Open T accounts for interest income and accrued interest. Carry forward the balance(s) as of December 31, 2015, if any, to January 1, 2016. Post the reversing entry and collection entry. Determine the balances that should be presented in the financial statements for 2016.

Reference no: EM132807918

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