On June 1. Blossom Company Ltd, borrows from Scotiabank on a 6-month, $40,800,9% note. The...
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On June 1. Blossom Company Ltd, borrows from Scotiabank on a 6-month, $40,800,9% note. The note matures on December 1. Interest is due monthly starting July 1. Blossom only prepares adjusting journal entries at its fiscal year end. (a) Prepare the entry on June 1 (List all debit entries before credit entries Credit account titles are automatically indented when the amount is entered. Do not indent manually.) Debit Credit Date Account Titles and Explanation June 1
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