Learning Case #$10$A

Chapter $10$

Nevin Company borrowed $$35,000$ from National Bank on April $1,2022.$ The loan was for general use on a $12-$month, $8\%$ interest$-$bearing note payable. The note is due in full along with interest in $12$ months. Nevin Company operates on a calendar year.

Required $-$ Round all answers to the nearest whole dollar.

$04/01/2022$ Record the proceeds and issuance o the note on April $1,2022.$

$12/31/2022$ Record the accrual of interest or the note payable at December $31,2022.$

$04/01/2023$ Record the payoff of the note and accrued interest on April $1,2023.$

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