Question: Case 4: Note Payable (6 Marks) Turtle Island Outfitters borrows $6,000 from a lender on November 21 with a 90 day term. The interest rate

Case 4: Note Payable (6 Marks)

Turtle Island Outfitters borrows $6,000 from a lender on November 21 with a 90 day term. The interest rate they agree to pay is 3%.

  1. Calculate the Interest that should be accrued on December 31:

  1. Calculate the total interest on the note:

  1. Show the Journal entry required when the note is paid on February 19.

Date

Account

DR

CR

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