Interest-Bearing Note Replacing an Unpaid Account Payable
Conti Products owed $80,000 on account for inventory purchased on December 1, 2020. Conti uses a perpetual inventory system and has a fiscal year that ends on December 31. Conti was unable to pay the amount owed by the March 1, 2021, due date because of financial difficulties. On March 1, 2021, Conti signed a 4-month, $80,000, 6% interest-bearing note. This note was repaid with interest on July 1, 2021.
Required:
1. Prepare the entry recorded on December 1, 2020.
2. Prepare the adjusting entry recorded on December 31, 2020.
3. Prepare the entry recorded on March 1, 2021.
4. Prepare the entry recorded on July 1, 2021.
Financial & Managerial Accounting
Corporate Financial Accounting
Accounting Information Systems
Essentials of Business Communication (MindTap Course List)
Fundamentals Of Financial Management, Concise Edition (mindtap Course List)
Fundamentals of Financial Management, Concise Edition (MindTap Course List)
Probability and Statistics for Engineering and the Sciences
Fundamentals of Financial Management (MindTap Course List)
STATISTICS F/BUSINESS+ECONOMICS-TEXT
Principles of Microeconomics (MindTap Course List)
Brief Principles of Macroeconomics (MindTap Course List)
ECON: MICRO4 (New, Engaging Titles from 4LTR Press)
Principles of Economics (MindTap Course List)
Foundations of Business (MindTap Course List)
Principles of Macroeconomics (MindTap Course List)
Financial And Managerial Accounting
Fundamentals of Information Systems
Principles of Information Systems (MindTap Course List)
Principles of Information Security (MindTap Course List)
Fundamentals of Information Systems
Database Systems: Design, Implementation, & Management
Database Systems: Design, Implementation, & Management
A Guide to SQL
Mechanics of Materials (MindTap Course List)
Principles of Information Systems (MindTap Course List)
Precision Machining Technology (MindTap Course List)
Engineering Fundamentals: An Introduction to Engineering (MindTap Course List)
Fundamentals of Geotechnical Engineering (MindTap Course List)
Automotive Technology: A Systems Approach (MindTap Course List)
Systems Analysis and Design (Shelly Cashman Series) (MindTap Course List)
Management Of Information Security
Fundamentals of Chemical Engineering Thermodynamics (MindTap Course List)
Solid Waste Engineering
International Edition---engineering Mechanics: Statics, 4th Edition
Principles of Geotechnical Engineering (MindTap Course List)
EBK ELECTRICAL WIRING RESIDENTIAL
Electric Motor Control
Steel Design (Activate Learning with these NEW titles from Engineering!)
Automotive Technology
Enhanced Discovering Computers 2017 (Shelly Cashman Series) (MindTap Course List)
Network+ Guide to Networks (MindTap Course List)
Structural Analysis
Survey of Accounting (Accounting I)
Corporate Financial Accounting
Managerial Accounting
PAYROLL ACCT.,2019 ED.(LL)-TEXT
Accounting (Text Only)
Financial & Managerial Accounting
Cornerstones of Cost Management (Cornerstones Series)
Managerial Accounting: The Cornerstone of Business Decision-Making
College Accounting (Book Only): A Career Approach
Accounting Information Systems
Financial Accounting
Intermediate Accounting: Reporting And Analysis
Financial Accounting
College Accounting, Chapters 1-27 (New in Accounting from Heintz and Parry)
College Accounting, Chapters 1-27
College Accounting (Book Only): A Career Approach
Economics: Private and Public Choice (MindTap Course List)
Fundamentals of Financial Management, Concise Edition (with Thomson ONE - Business School Edition, 1 term (6 months) Printed Access Card) (MindTap Course List)
MACROECONOMICS FOR TODAY
Practical Management Science
Macroeconomics: Private and Public Choice (MindTap Course List)
Fundamentals of Financial Management (MindTap Course List)
Management, Loose-Leaf Version
Contemporary Marketing
Micro Economics For Today
Understanding Management (MindTap Course List)
Purchasing and Supply Chain Management
Pkg Acc Infor Systems MS VISIO CD
Exploring Economics
MKTG 12:STUDENT ED.-TEXT
Essentials of Economics (MindTap Course List)
Microeconomics: Private and Public Choice (MindTap Course List)
Economics (MindTap Course List)
Principles of Macroeconomics (MindTap Course List)
Microeconomics