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On August 1, 2022, The Cove at Mill Lake, Inc., purchased inventory costing $56.000 by signing a 9%, six-month, short-term note payable. The company will pay the entire note (principal and interest) on the note's maturity date. Read the requirements Requirement 1. Journalize the company's purchase of inventory. (Record debits first, then credits. Exclude explanations from journal entries.) Journal Entry Accounts Aug Date 2022 1 Date 2022 Dec 31 Requirement 2. Make the adjusting entry for accrual of interest on the note payable on December 31, 2022. (Record debits first, then credits. Exclude explanations from journal entries.) Journal Entry Accounts Debit Requirement Amount Credit Debit Requirement 3. At December 31, 2022, what is reported on the balance sheet related to this note payable? (If an input field is not used in the table, leave the field empty, do not select a label or enter a zero.) Balance Sheet (partial) on December 31, 2022 Account Credit date B I debike for Requirements 1. 2. Journalize the company's purchase of inventory. Make the adjusting entry for accrual of interest on the note payable on December 31, 2022. 3 At December 31, 2022, what is reported on the balance sheet related to this note payable? 4. Record the payment of the note payable (principal and interest) on its maturity date. Print Done

On August 1, 2022, The Cove at Mill Lake, Inc., purchased inventory costing $56.000 by signing a 9%, six-month, short-term note payable. The company will pay the entire note (principal and interest) on the note's maturity date. Read the requirements Requirement 1. Journalize the company's purchase of inventory. (Record debits first, then credits. Exclude explanations from journal entries.) Journal Entry Accounts Aug Date 2022 1 Date 2022 Dec 31 Requirement 2. Make the adjusting entry for accrual of interest on the note payable on December 31, 2022. (Record debits first, then credits. Exclude explanations from journal entries.) Journal Entry Accounts Debit Requirement Amount Credit Debit Requirement 3. At December 31, 2022, what is reported on the balance sheet related to this note payable? (If an input field is not used in the table, leave the field empty, do not select a label or enter a zero.) Balance Sheet (partial) on December 31, 2022 Account Credit date B I debike for Requirements 1. 2. Journalize the company's purchase of inventory. Make the adjusting entry for accrual of interest on the note payable on December 31, 2022. 3 At December 31, 2022, what is reported on the balance sheet related to this note payable? 4. Record the payment of the note payable (principal and interest) on its maturity date. Print Done

Intermediate Accounting: Reporting And Analysis
Intermediate Accounting: Reporting And Analysis
3rd Edition
ISBN:9781337788281
Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Chapter6: Cash And Receivables
Section: Chapter Questions
Problem 11RE: On December 1 of the current year, Jordan Inc. assigns 125,000 of its accounts receivable to...
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On August 1, 2022, The Cove at Mill Lake, Inc., purchased inventory costing $56,000 by signing a 9%, six-month, short-term note payable. The company will pay the entire note (principal and interest) on the note's maturity date. Read the requirements. Requirement 1. Journalize the company's purchase of inventory. (Record debits first, then credits. Exclude explanations from journal entries.) Journal Entry Date 2022 Aug 1 Dec Requirement 2. Make the adjusting entry for accrual of interest on the note payable on December 31, 2022. (Record debits first, then credits. Exclude explanations from journal entries.) Journal Entry Date 2022 31 Feb Accounts Date 2023 Accounts 1 Debit Requirement 3. At December 31, 2022, what is reported on the balance sheet related to this note payable? (If an input field is not used in the table, leave the field empty; do not select a label or enter a zero.) Balance Sheet (partial) on December 31, 2022 Account Amount Debit Credit Requirement 4. Record the payment of the note payable (principal and interest) on its maturity date. (Record debits first, then credits. Exclude explanations from journal entries.) Journal Entry Accounts Credit Debit Credit Requirements 1. 2. Journalize the company's purchase of inventory. Make the adjusting entry for accrual of interest on the note payable on December 31, 2022. 3. At December 31, 2022, what is reported on the balance sheet related to this note payable? Record the payment of the note payable (principal and interest) on its maturity date. 4. Print Done X
Transcribed Image Text:On August 1, 2022, The Cove at Mill Lake, Inc., purchased inventory costing $56,000 by signing a 9%, six-month, short-term note payable. The company will pay the entire note (principal and interest) on the note's maturity date. Read the requirements. Requirement 1. Journalize the company's purchase of inventory. (Record debits first, then credits. Exclude explanations from journal entries.) Journal Entry Date 2022 Aug 1 Dec Requirement 2. Make the adjusting entry for accrual of interest on the note payable on December 31, 2022. (Record debits first, then credits. Exclude explanations from journal entries.) Journal Entry Date 2022 31 Feb Accounts Date 2023 Accounts 1 Debit Requirement 3. At December 31, 2022, what is reported on the balance sheet related to this note payable? (If an input field is not used in the table, leave the field empty; do not select a label or enter a zero.) Balance Sheet (partial) on December 31, 2022 Account Amount Debit Credit Requirement 4. Record the payment of the note payable (principal and interest) on its maturity date. (Record debits first, then credits. Exclude explanations from journal entries.) Journal Entry Accounts Credit Debit Credit Requirements 1. 2. Journalize the company's purchase of inventory. Make the adjusting entry for accrual of interest on the note payable on December 31, 2022. 3. At December 31, 2022, what is reported on the balance sheet related to this note payable? Record the payment of the note payable (principal and interest) on its maturity date. 4. Print Done X
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