Question: During 2020, Amalin Co. accepted two short-term notes payable, with the following details: Principal Interest rate Days outstanding Note issuance date NOTE A $26,500 6.60%

During 2020, Amalin Co. accepted two short-term notes payable, with the following details:

Principal Interest rate Days outstanding Note issuance date

NOTE A $26,500 6.60% 30 Dec 06, 2020

NOTE B $15,000 9.25% 45 Nov 28, 2020

Required: Based on the given information,

a). Record the adjusting journal entry required at December 31, 2020, the fiscal year end for the business.

b). Record the journal entry required at payment date, for NOTE A only.

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