(a) assuming Ringo Company makes reversing entries, prepare the reversing entry on January 1, and the journal entry to record the payment of the note on April 1; and On April 1, Ringo Company borrowed $20,000 from its bank by issuing a 9%, 12-month note, with the interest to be paid on the maturity date. Prepare journal entries to record the issuance of the note and the related year-end adjusting entry on December 31.
(a) assuming Ringo Company makes reversing entries, prepare the reversing entry on January 1, and the journal entry to record the payment of the note on April 1; and On April 1, Ringo Company borrowed $20,000 from its bank by issuing a 9%, 12-month note, with the interest to be paid on the maturity date. Prepare journal entries to record the issuance of the note and the related year-end adjusting entry on December 31.
College Accounting (Book Only): A Career Approach
13th Edition
ISBN:9781337280570
Author:Scott, Cathy J.
Publisher:Scott, Cathy J.
ChapterD: Notes Payable And Notes Receivable
Section: Chapter Questions
Problem 5P
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Question
![(a) assuming Ringo Company makes reversing entries, prepare the reversing entry on
January 1, and the journal entry to record the payment of the note on April 1; and
On April 1, Ringo Company borrowed $20,000 from its bank by issuing a 9%, 12-month
note, with the interest to be paid on the maturity date. Prepare journal entries to record the
issuance of the note and the related year-end adjusting entry on December 31.](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2Ff4f6278f-bd3a-4718-9b00-473214d2e677%2Ffbd70bf7-ce79-4ba7-90b9-e8b51f072047%2Fbl023p_processed.jpeg&w=3840&q=75)
Transcribed Image Text:(a) assuming Ringo Company makes reversing entries, prepare the reversing entry on
January 1, and the journal entry to record the payment of the note on April 1; and
On April 1, Ringo Company borrowed $20,000 from its bank by issuing a 9%, 12-month
note, with the interest to be paid on the maturity date. Prepare journal entries to record the
issuance of the note and the related year-end adjusting entry on December 31.
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