On June 1, Chetney Company Ltd. borrows $60,000 from First Bank on a 6-month, $60,000, 8% note 1 answer below »

On June 1, Chetney Company Ltd. borrows $60,000 from First Bank on a 6-month, $60,000, 8% note. The note matures on December 1.

Instructions

(a) Prepare the entry on June 1.

(b) Prepare the adjusting entry on June 30.

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

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

 

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On June 1, Chetney Company Ltd. borrows $60,000 from First Bank on a 6-month, $60,000, 8% note 1 answer below » was first posted on July 1, 2020 at 10:23 am.
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