Question: Refer to the data for Upland Limited in BE13-3. Assuming that Upland uses reversing entries, prepare the 2012 journal entry(ies). IN BE Upland Limited borrowed

Refer to the data for Upland Limited in BE13-3. Assuming that Upland uses reversing entries, prepare the 2012 journal entry(ies).
IN BE
Upland Limited borrowed $40,000 on November 1, 2011, by signing a $40,000, three-month, 9% note. Prepare Upland’s November 1, 2011 entry; the December 31, 2011 annual adjusting entry; and the February 1, 2012 entry.

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