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Fundamental Accounting Principles 22th Edition by John Wild ,Ken Shaw,Barbara Chiappetta
Edition 22ISBN: 978-0077862275Fundamental Accounting Principles 22th Edition by John Wild ,Ken Shaw,Barbara Chiappetta
Edition 22ISBN: 978-0077862275 Exercise 46
Warner Co. entered into the following transactions involving short-term liabilities in 2014 and 2015.
Required
1. Determine the maturity date for each of the three notes described.
2. Determine the interest due at maturity for each of the three notes. (Assume a 360-day year.)
3. Determine the interest expense to be recorded in the adjusting entry at the end of 2014.
4. Determine the interest expense to be recorded in 2015.
5. Prepare journal entries for all the preceding transactions and events for years 2014 and 2015.
Required
1. Determine the maturity date for each of the three notes described.
2. Determine the interest due at maturity for each of the three notes. (Assume a 360-day year.)
3. Determine the interest expense to be recorded in the adjusting entry at the end of 2014.
4. Determine the interest expense to be recorded in 2015.
5. Prepare journal entries for all the preceding transactions and events for years 2014 and 2015.
Explanation
Verified
Verified
Short term notes payable
It is a writte...
Fundamental Accounting Principles 22th Edition by John Wild ,Ken Shaw,Barbara Chiappetta
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