Greener Pastures Corporation borrowed $1,500,000 on November 1, 2015. The note carried an interest rate of 12 percent with principal and interest due June 1, 2016.

(a) The note issued on November 1.

(b) Interest accrued on December 31.

Indicate the effects of the amounts of the previous operations. (Enter any decrease in account balances with a minus sign. Do not round intermediate calculations.)

Prepare journal entries related to the above transactions. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field. Do not round intermediate calculations.)

Greener Pastures Corporation obtained a loan of $1,500,000 on November 1, 2015. The note carried an interest rate of 12 percent with principal and interest due June 1, 2016. Record the loan of $1,500,000.

Greener Pastures Corporation borrowed $1,500,000 on November 1, 2015. The note had an interest rate of 12 percent with principal and interest due on June 1, 2016. Record the accrued interest on the notes payable.

Answer rating: 100% (QA)

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