ACC 304 Week 1 Chapter 8 Homework
6 ) 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 .
7 ) 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 .)
8 ) Prepare the adjusting entry at December 31 , assuming straightline 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 ===============================================
ACC 304 Week 1 Chapter 8 Homework
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ACC 304 Week 1 Chapter 8 Homework