1.Suppose, on September1, 2019 Fido Corporation borrows $30,000 from its bank for a period of 8 months at an annual interest rate of 5%. Please do the following journal entries. a) September 1, 2019 Fido corporation borrows $30,000 at an interest rate of 5% for 8 months DateDebitCreditDbCr b) Adjustment entry at year end on December 31. 2019 to record for the interest owed. DateDebitCreditDbCr c) Payment of the note on May 1, 2020. DateDebitCreditDbCr

Introduction: Journal: Recording of a business transactions in a chronological order. First step in…

Answered: Suppose, on September1, 2019 Fido…

Principles of Accounting Volume 1

19th Edition

ISBN:9781947172685

Author:OpenStax

Publisher:OpenStax

Chapter13: Long-term Liabilities

Section: Chapter Questions

Problem 1PB: Sub-Cinema Inc. borrowed $10,000 on Jan. 1 and will repay the loan with 12 equal payments made at...

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1.Suppose, on September1, 2019 Fido Corporation borrows $30,000 from its bank for a period of 8 months at an annual interest rate of 5%. Please do the following journal entries.

a) September 1, 2019 Fido corporation borrows $30,000 at an interest rate of 5% for 8 months

Date	Debit	Credit	Db	Cr

b) Adjustment entry at year end on December 31. 2019 to record for the interest owed.

Date	Debit	Credit	Db	Cr

c) Payment of the note on May 1, 2020.

Date

Debit

Credit

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