Question: In this exercise we will continue the accounting for Grahams Yard Care, Inc. Assume that on September 1, 2014, Grahams Yard Care, Inc. borrowed $5,000

In this exercise we will continue the accounting for Graham’s Yard Care, Inc. Assume that on September 1, 2014, Graham’s Yard Care, Inc. borrowed $5,000 from First National Bank, signing a nine-month, 10% note.

Requirement

1. Prepare the journal required on September 1, 2014, December 31, 2014, and May 31, 2015, to record the transactions related to the note.

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