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Prepare the adjusting entries necessary on december

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Reference no: EM132916885

Below are selected transactions of Hurricanes Ltd. for 2020, which uses a perpetual inventory system:

1. On June 1, the company purchased equipment for $ 280,000 from Panthers Ltd., paying $ 60,000 in cash and giving a one-year, 6% note for the balance.

2. On September 30, the company borrowed $ 165,000 from the ICIC Bank by signing a one-year, zero-interest-bearing note for $ 178,200. The discount rate was 8%.

Instructions

Problem 1: Prepare the journal entries necessary to record these transactions using appropriate dates.

Problem 2: Prepare the adjusting entries necessary on December 31, 2020, to properly report interest expenses related to the above transactions.

Problem 3: With proper title and classification, show a partial Statement of Financial Position indicating how the above transactions should be reported as of December 31, 2020

Reference no: EM132916885

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