80.2K

Verified Solution

Link Copied!

On November 1, Bahama Cruise Lines borrows $4 million and issues a six-month, 6% note payable. Interest is payable at maturity Record the issuance of the note and the appropriate adjustment for interest expense at December 31, the end of the reporting period. (if no entry is required for a particular transaction/event, select "No Journal Entry Required" in the first account field. Enter your answers in dollars, not in millions (i.e. 5 should be entered as 5,000,000).) View transaction list Journal entry worksheet 1 2 Record the issuance of the note. Note: Enter debits before credits General Journal Debit Credit Date November 01 Notes Payable Record entry Clear entry View general Journal omework Saved On November 1. Bahama Cruise Lines borrows $4 million and issues a six-month, 6% note payable Interest is payable at maturity. Record the issuance of the note and the appropriate adjustment for interest expense at December 31, the end of the reporting peri (If no entry is required for a particular transaction/event, select "No Journal Entry Required" in the first account field. Enter you answers in dollars, not in millions (i.e. 5 should be entered as 5,000,000).) View transaction list Journal entry worksheet Record the adjusting entry for interest. Note: Enter debits before credits General Journal Debit Credit Date December 31 Record entry Clear entry View general Journal

Answer & Explanation Solved by verified expert

See Answer