please name the journal entry that National Limited would record on the note it received...
80.2K
Verified Solution
Link Copied!
Question
Accounting
please name the journal entry that National Limited would record on the note it received from blossom limited.
Blossom Limited borrowed $87,600 from National Limited on July 1 and issued a three-month note payable at 5% due at maturity on October 1. Blossom's year end is August 31 and the company records adjusting entries only at that time. (a) - Your answer is partially correct. Prepare the journal entry that National Limited would record on the note it received from Blossom Limited, assuming it makes adjusting entries monthly, for the payment of $87,600 to Blossom Limited on July 1. (Credit occount titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter o for the amounts. List debit entry before credit entry.)
Answer & Explanation
Solved by verified expert
Get Answers to Unlimited Questions
Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!
Membership Benefits:
Unlimited Question Access with detailed Answers
Zin AI - 3 Million Words
10 Dall-E 3 Images
20 Plot Generations
Conversation with Dialogue Memory
No Ads, Ever!
Access to Our Best AI Platform: Flex AI - Your personal assistant for all your inquiries!
