Required: A. Assume that the compahy a. Prepare the original entry on June 15, 20x0. b. Prepare the adjusting entry on June 30, 20x0. c. Prepare the closing entry on June 30, 20x0. d. Prepare the entry on July 15, 20x0. B. Assume that the company uses with reversing entry method of recording; a. Prepare the original entry on June 15, 20x0. b. Prepare the adjusting entry on June 30, 20x0. c. Prepare the closing entry on June 30, 20x0. d. Prepare the reversing entry on July 1, 20x0. e. Prepare the entry on July 15, 20x0. Use the following account titles: Cash Interest Payable Expense- Interest Revenue and Expense Summary

Required: A. Assume that the compahy a. Prepare the original entry on June 15, 20x0. b. Prepare the adjusting entry on June 30, 20x0. c. Prepare the closing entry on June 30, 20x0. d. Prepare the entry on July 15, 20x0. B. Assume that the company uses with reversing entry method of recording; a. Prepare the original entry on June 15, 20x0. b. Prepare the adjusting entry on June 30, 20x0. c. Prepare the closing entry on June 30, 20x0. d. Prepare the reversing entry on July 1, 20x0. e. Prepare the entry on July 15, 20x0. Use the following account titles: Cash Interest Payable Expense- Interest Revenue and Expense Summary

Cornerstones of Financial Accounting

4th Edition

ISBN:9781337690881

Author:Jay Rich, Jeff Jones

Publisher:Jay Rich, Jeff Jones

Chapter9: Long-term Liabilities

Section: Chapter Questions

Problem 94PSB

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