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Prepare the entry for kimberly on april

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Question - Prepare the appropriate journal entries for each of the following transactions in 2014.

On April 1, Kimberly Company borrows $38,400 from Splish Brothers Bank by signing a 5-month, 5%, interest-bearing note.

(a) Prepare the entry for Kimberly on April 1 when the note was issued.

(b) Prepare any adjusting entries necessary on June 30 for Kimberly in order to prepare the semiannual financial statements.

(c) Prepare the entry to record payment of the note by Kimberly at maturity.

Reference no: EM133088391

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