Greener Pastures Corporation borrowed $1,000,000 on November 1, 2018. The note carried a 9 percent interest rate

Question:

Greener Pastures Corporation borrowed $1,000,000 on November 1, 2018. The note carried a 9 percent interest rate with the principal and interest payable on June 1, 2019. Show the accounting equation effects and prepare the journal entries for

(a) The note issued on November 1 and

(b) The interest accrual on December 31.

Corporation
A Corporation is a legal form of business that is separate from its owner. In other words, a corporation is a business or organization formed by a group of people, and its right and liabilities separate from those of the individuals involved. It may...

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