This paper circulates around the core theme of Make the entry to record the partial refunding. Assume Demich Co. makes reversing entries when appropriate. (2) Prepare the adjusting entry at December 31, assuming straight-line amortization of the discount. together with its essential aspects. It has been reviewed and purchased by the majority of students thus, this paper is rated 4.8 out of 5 points by the students. In addition to this, the price of this paper commences from £ 99. To get this paper written from the scratch, order this assignment now. 100% confidential, 100% plagiarism-free.
1. On August 31, Demich Co. partially refunded $180,000 of its
outstanding 10% note payable made one year ago to Best Fededral Bank by
paying $180,000 plus $18,000 interest, having obtained the $198,000 by
using $52,400 cash and signing a new one-year $160,000 note discounted
at 9% by the bank.
Instructions
(1) Make the entry to record the partial refunding. Assume Demich Co. makes reversing entries when appropriate.
(2) Prepare the adjusting entry at December 31, assuming straight-line amortization of the discount.
