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Cullumber Limited borrowed $76,800 from National Limited on July 1 and issued a three-month note...

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Accounting

Cullumber Limited borrowed $76,800 from National Limited on July 1 and issued a three-month note payable at 6% due at maturity on October 1. Cullumber's year end is August 31 and the company records adjusting entries only at that time. (a) Prepare the journal entry that National Limited would record on the note it received from Cullumber Limited, assuming it makes adjusting entries monthly, for the payment of $76,800 to Cullumber Limited 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 O for the amounts. List debit entry before credit entry.) Date Account Titles July 1 Debit Credit

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