For each of the following independent situations, prepare the appropriate adjusting journal entry on the last day of the fiscal year end (FYE). Use the information provided below for each situation.
1 Note executed on July 01, 2012 and FYE is September 30. (92 days)
2 Note executed on April 01, 2012 and FYE is September 30. (6 months)
3 Note executed on October 15, 2012 and FYE is January 31. (108 days)
4 Note executed on January 01, 2012 and FYE is April 30. (4 months)
5 Note executed on September 01, 2012 and FYE is September 30. (30 days)

Question

For each of the following independent situations, prepare the appropriate adjusting journal entry on the last day of the fiscal year end (FYE). Use the information provided below for each situation.
  1 Note executed on July 01, 2012 and FYE is September 30. (92 days)
2 Note executed on April 01, 2012 and FYE is September 30. (6 months)
3 Note executed on October 15, 2012 and FYE is January 31. (108 days)
4 Note executed on January 01, 2012 and FYE is April 30. (4 months)
5 Note executed on September 01, 2012 and FYE is September 30. (30 days)

Quizplus · Accepted Answer

The Answer of For each of the following independent situations, prepare the appropriate adjusting journal entry on the last day of the fiscal year end (FYE). Use the information provided below for each situation.
  1 Note executed on July 01, 2012 and FYE is September 30. (92 days)
2 Note executed on April 01, 2012 and FYE is September 30. (6 months)
3 Note executed on October 15, 2012 and FYE is January 31. (108 days)
4 Note executed on January 01, 2012 and FYE is April 30. (4 months)
5 Note executed on September 01, 2012 and FYE is September 30. (30 days)

For Each of the Following Independent Situations, Prepare the Appropriate