On the last day of March, Brunswick Corporation borrowed $360,000 on a bank note for 60 days

Question:

On the last day of March, Brunswick Corporation borrowed $360,000 on a bank note for 60 days at 10 percent interest. Assume that interest is stated separately. Prepare the following journal entries:

(1) March 31, recording of note,

(2) May 30, payment of note plus interest.

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...