Takemoto Corporation borrowed $60,000 on November 1, 2010, by signing a $61,350, 3-month, zero-interest-bearing note. Prepare Takemotos

Question:

Takemoto Corporation borrowed $60,000 on November 1, 2010, by signing a $61,350, 3-month, zero-interest-bearing note. Prepare Takemoto’s November 1, 2010, entry; the December 31, 2010, annual adjusting entry; and the February 1, 2011, 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...