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Prepare the adjusting entry on june

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Reference no: EM132635925

Part a:

Padillio Company had the following transactions involving notes payable.

July 01, 2019 Borrows $60,000 from Fourth National Bank by signing a 9-month, 8% note.

Nov. 01, 2019 Borrows $50,000 from Livingston State Bank by signing a 3-month, 9% note.

Dec. 31, 2019 Prepares adjusting entries.

Feb. 01, 2020 Pays principal and interest to Livingston State Bank.

Apr. 01, 2020 Pays principal and interest to Fourth National Bank.

Instructions:

Problem 1: Prepare journal entries for each of the transactions.

Part b:

On June 1, Yoon Company borrows $70,000 from First Bank on a 6-month, $70,000, 9% note.

Instructions:

Problem (a) Prepare the entry on June 1.

Problem (b) Prepare the adjusting entry on June 30.

Problem (c) Prepare the entry at maturity (December 1), assuming monthly adjusting entries have been made through November 30.

Problem (d) What was the total financing cost (interest expense)?

Reference no: EM132635925

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