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Crane Limited borrowed $88,800 from National Limited on July 1 and issued a three-month note...

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Accounting

Crane Limited borrowed $88,800 from National Limited on July 1 and issued a three-month note payable at 6% due at maturity on October 1. Crane's year end is August 31 and the company records adjusting entries only at that time.
(a)
Prepare the journal entry to record the receipt of $88,800 cash and the issue of the note on July 1.(Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts. List debit entry before credit entry.)
Date Account Titles
Debit
Credit
July 1
image

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