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Category > Business & Finance Posted 02 Aug 2017 My Price 11.00

McLaughlin Inc. operates with a June 30 year-end.

McLaughlin Inc. operates with a June 30 year-end. During 2010, the following transactions occurred:
a. January 1: Signed a one-year, 10% loan for $35,000. Interest and principal are to be paid at maturity.
b. January 10: Signed a line of credit with Little Local Bank to establish a $560,000 line of credit. Interest of 9% will be charged on all borrowed funds.
c. February 1: Issued a $28,000 non-interest-bearing, six-month note to pay for a new machine. Interest on the note, at 12%, was deducted in advance.
d. March 1: Borrowed $210,000 on the line of credit. 
e. June 1: Repaid $140,000 on the line of credit plus accrued interest. 
f. June 30: Made all necessary adjusting entries. 
g. August 1: Repaid the non-interest-bearing note. 
h. September 1: Borrowed $280,000 on the line of credit. 
i. November 1: Issued a three-month, 8%, $16,800 note in payment of an overdue open account. j. December 31: Repaid the one-year loan [from transaction (a)] plus accrued interest. 

Required
1. Identify and analyze the effect of these transactions.
2. As of December 31, which notes are outstanding? How much interest is due on each?

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Status NEW Posted 02 Aug 2017 08:08 PM My Price 11.00

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