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(Solution Download) On August 31, Latty Co. partially refunded $443,000 of its outstanding 10% note payable made one yea


 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

On August 31, Latty Co. partially refunded $443,000 of its

 

outstanding 10% note payable made one year ago to Dugan State Bank

 

by paying $443,000 plus $44,300 interest, having obtained the

 

$487,300 by using $134,220 cash and signing a new one-year $388,000

 

note discounted at 9% by the bank.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Make the entry to record the partial refunding. Assume Latty

 

Co. makes reversing entries when appropriate. (Credit

 

account titles are automatically indented when the amount is

 

entered. Do not indent manually.)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Date

 

Account Titles and Explanation

 

 

Debit

 

 

Credit

 

August 31

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Prepare the adjusting entry at December 31, assuming

 

straight-line amortization of the discount. (Credit

 

account titles are automatically indented when the amount is

 

entered. Do not indent manually.)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Date

 

Account Titles and Explanation

 

 

Debit

 

 

Credit

 

December 31

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Show transcribed image text On August 31, Latty Co. partially refunded $443,000 of its outstanding 10% note payable made one year ago to Dugan State Bank by paying $443,000 plus $44,300 interest, having obtained the $487,300 by using $134,220 cash and signing a new one-year $388,000 note discounted at 9% by the bank. Prepare the adjusting entry at December 31, assuming straight-line amortization of the discount. (Credit account titles are automatically indented when the amount is entered. Do not indent manually.) Date Account Titles and Explanation Debit Credit December 31 Make the entry to record the partial refunding. Assume Latty Co. makes reversing entries when appropriate. (Credit account titles are automatically indented when the amount is entered. Do not indent manually.) Date Account Titles and Explanation Debit Credit August 31

 


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