On the last day of October, Wicker Company borrows $120,000 on a bank note for 60 days
Question:
On the last day of October, Wicker Company borrows $120,000 on a bank note for 60 days at 11 percent interest. Interest is not included in the face amount. Prepare the following entries in journal form:
(1) October 31, recording of note;
(2) November 30, accrual of interest expense, and
(3) December 30, payment of note plus interest.
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1 Oct 31 Cash 12000000 Notes Payable 12000000 Bank ...View the full answer
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