On the last day of October, Thornton Company borrows $240,000 on a bank note for 60 days
Question:
On the last day of October, Thornton Company borrows $240,000 on a bank note for 60 days at 11 percent interest. Interest is not included in the face amount. Prepare the following journal entries:
(1) October 31, recording of note;
(2) November 30, accrual of interest expense;
(3) December 30, payment of note plus interest.
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1 Oct 31 Cash Notes Payable Bank loan for 60 days at 11 percent interest not ...View the full answer
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