Question: Notes Payable and Interest On July 1, 2010, Jos Flower Shop borrowed $25,000 from the bank. Jo signed a ten month, 8% promissory note for

Notes Payable and Interest On July 1, 2010, Jo’s Flower Shop borrowed $25,000 from the bank. Jo signed a ten month, 8% promissory note for the entire amount. Jo’s uses a calendar year-end.

Required

1. Identify and analyze the effect of the issuance of the promissory note.

2. Identify and analyze the effect of any adjustments necessary at year-end.

3. Identify and analyze the effect of the repayment of the principal and interest.

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