The Following Unadjusted Amounts Were Taken from a Company's Accounting

question 13

Essay

The following unadjusted amounts were taken from a company's accounting records at December 31, 2019:
Note Payable, 6%, 4-month, dated December 1, 2019, for $500,000
Note Receivable, 12%, 6-month, dated October 1, 2019, for $400,000
A)Prepare any adjusting entries necessary at December 31, 2019, for the notes.
B)Fill in the partial balance sheet below by showing the notes and the effects of any adjustments related to the notes.
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• A)Prepare any adjusting entries necessary at December 31, 2019, for the notes.
• B)Fill in the partial balance sheet below by showing the notes and the effects of any adjustments related to the notes. ​

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Definitions:

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