Reference no: EM132419233
Problem: Adjusting entries for interest: At December 31, 2017, Eric Corporation had tow notes payable outstanding (notes 1 and 2). At December 31, 2018, Eric also had two notes payable outstanding (notes 3 and 4). These notes are described below:
DECEMBER 31, 2017 Date of note Principal Amount Interest Rate Number of days
note 1...............................11/16/2017 $30,000 8% 120
note 2...............................12/4/2017 16,000 9 60
DECEMBER 31,2018
note 3..............................12/7.2018 9,000 10 60
note 4...............................12/21/2018 18,000 12 30
Required
Question 1: Prepare the adjusting entries for interest at December 31,2017
Question 2: Assume that the adjusting entries were made at December 31,2017. Prepare the 2018 journal entries to record payment of the notes that were outstanding at December 31, 2017.
Question 3: Prepare the adjusting entries for interest at December 31, 2018.
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