Analyze the adjustments needed for the following transactions involving notes payable for Marcus Company,whose fiscal year ends September 30.Round all numbers to the nearest penny.
?
$\begin{array}{llr}
\text { Sept. 10 } & \text { Received cash for a 60 -day, $ 12 \%, \$ 10,000 $ note payable. Interest is in addition to the face val } \
\quad\quad30 & \text { Made end-of-year adjusting entry to accrue interest expense for the note. } \
\text {Nov. 9 } & \text { Paid amount due on the note plus interest. }
\end{array}$

Question

Analyze the adjustments needed for the following transactions involving notes payable for Marcus Company,whose fiscal year ends September 30.Round all numbers to the nearest penny.
?
 $\begin{array}{llr}
  \text { Sept. 10 } &  \text {  Received cash for a 60 -day, $ 12 \%, \$ 10,000 $ note payable. Interest is in addition to the face val } \
\quad\quad30 & \text { Made end-of-year adjusting entry to accrue interest expense for the note. } \
 \text {Nov. 9  } &  \text {  Paid amount due on the note plus interest. } 
\end{array}$

Quizplus · Accepted Answer

The Answer of Analyze the adjustments needed for the following transactions involving notes payable for Marcus Company,whose fiscal year ends September 30.Round all numbers to the nearest penny.
?
 $\begin{array}{llr}
  \text { Sept. 10 } &  \text {  Received cash for a 60 -day, $ 12 \%, \$ 10,000 $ note payable. Interest is in addition to the face val } \
\quad\quad30 & \text { Made end-of-year adjusting entry to accrue interest expense for the note. } \
 \text {Nov. 9  } &  \text {  Paid amount due on the note plus interest. } 
\end{array}$

Analyze the Adjustments Needed for the Following Transactions Involving Notes