BACKGROUND

Your company needs to borrow $$6,000$ cash for short$-$term needs. You have been shopping banks for a loan, and you have the following four options.

A$.$ Issue a $$6,000,90-$day, $10\%$ interest$-$bearing note dated June $1.$

B$.$ Issue a $$6,000,120-$day, $8\%$ interest$-$bearing note dated June $1.$

C$.$ Issue a $$6,000,90-$day, $10\%$ interest$-$bearing note dated December $1.$

D$.$ Issue a $$6,000,120-$day, $8\%$ interest$-$bearing note dated December $1.$

Your company operates on a calendar$-$year reporting period, i$.$e$.,$ your fiscal year end is December $31$st$.$

REQUIRED

Each member of the team is to prepare two of the following journal entries. Be sure to identify your journal entries by number.

Option A: date of issuance

Option B: date of issuance

Option A: maturity date

Option B: maturity date

Option C: year$-$end adjustment

Option D: year$-$end adjustment

Option C: maturity date

Option D: maturity date