Current Liabilities

On March 1, Azalea Golf borrows $30,000 on a 6-month, 6% note from Augusta Bank. Assume interest is paid at the maturity of the note.

a. Prepare the journal entry to record the receipt of cash from the note.

March. 1	_______	_______	0
	_______	0	_______

b. Prepare the journal entry to record the accrual of interest if Azalea prepares financial statements on June 30.

June 30th	_______	________	0
	________	0	________

c. Prepare the journal entry to record the repayment of the note at maturity. For a compound transaction, if an amount box does not require an entry, leave it blank or enter "0".

Sept.1	_______	______	______
	_______	______	______
	_______	______	______
	_______	______	______