Question

Greener Pastures Corporation borrowed $ 1,000,000 on November 1, 2015. The note carried a 9 percent interest rate with the principal and interest payable on June 1, 2016. Show the accounting equation effects and prepare the journal entries for
(a) The note issued on November 1 and
(b) The interest accrual on December 31.


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  • CreatedNovember 02, 2015
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