The following unadjusted amounts were taken from a company's accounting records at December 31,Year 1:
Note Payable,6%,four-month,dated December 1,Year 1,for $500,000
Note Receivable,12%,six-month,dated October 1,Year 1,for $400,000
A) Prepare any adjusting entries necessary at December 31 , Year 1 , for the notes.

Question

The following unadjusted amounts were taken from a company's accounting records at December 31,Year 1:
Note Payable,6%,four-month,dated December 1,Year 1,for $500,000
Note Receivable,12%,six-month,dated October 1,Year 1,for $400,000
 A) Prepare any adjusting entries necessary at December 31 , Year 1 , for the notes.

Quizplus · Accepted Answer

The Answer of The following unadjusted amounts were taken from a company's accounting records at December 31,Year 1:
Note Payable,6%,four-month,dated December 1,Year 1,for $500,000
Note Receivable,12%,six-month,dated October 1,Year 1,for $400,000
 A) Prepare any adjusting entries necessary at December 31 , Year 1 , for the notes.

The Following Unadjusted Amounts Were Taken from a Company's Accounting Current Assets Current Liabilities \begin{array}{|l|l|} \hline \text { Current Assets } & \text { Current Liabilities }\\\hline \\\\\\\\\\\\\hline\end{array} Current Assets ​ Current Liabilities ​

The Following Unadjusted Amounts Were Taken from a Company's Accounting $\begin{array}{|l|l|} \hline \text { Current Assets } & \text { Current Liabilities }\\\hline \\\\\\\\\\\\\hline\end{array}$