On May 1, the Garner Corporation borrowed $30,000 from the First Bank of Midlothian on a one-year,

Question:

On May 1, the Garner Corporation borrowed $30,000 from the First Bank of Midlothian on a one-year, 6 percent note.

Required:

If the company keeps its records on a calendar year, what adjusting entry should Garner make on December 31?

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...