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PART II-Current Liabilities (16 points) a) On April 1, Holton Company borrows $100,000 from West...

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Accounting

PART II-Current Liabilities (16 points) a) On April 1, Holton Company borrows $100,000 from West Bank by signing a 6-month, 6, interest-bearing nete 1. Prepare the entry on April 1 when the note was issued. 2. Prepare any adjusting entries necessary on June 30 in order to prepare the semiannual financial statements. Assume no other interest accrual entries have been made. b) Steiner Sales Company has the following selected accounts after posting adjusting entries: $ 65,000 30,000 14,000 80,000 Accounts Payable Notes Payable, 3-month Accumulated Depreciation Equipment Notes Payable, 5-year, 6% Income Tax Expense Interest Payable Mortgage Payable Sales Taxes Payable 4,000 3,000 120,000 38,000 Prepare the current liability section of Steiner Sales Company's balance sheet, assuming $15,000 of the mortgage is payable next year,
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