Kawasaki Corporation borrowed $50,000 on November 1, 2008, by signing a $51,125, 3-month, zero-interest-bearing note. Prepare Kawasakis

Question:

Kawasaki borrowed $50,000 on November 1, 2008, by signing a $51,125, 3-month, zero-interest-bearing note. Prepare Kawasaki’s November 1, 2008, entry; the December 31, 2008, annual adjusting entry; and the February 1, 2009, entry.

Corporation
A Corporation is a legal form of business that is separate from its owner. In other words, a corporation is a business or organization formed by a group of people, and its right and liabilities separate from those of the individuals involved. It may...