On March $1,$ Mena Company borrows $$150,000$ from High Country Bank by signing a

$120-$day, interest rate $8\%,$ Note Payable. $($Remember to use $360$ for the interest

calculation.$)$

Instructions

Prepare the necessary entries below associated with the note payable on the books of

Mena Company.

$($a$)$ Prepare the entry on March $1$ when the note was issued.

$($b$)$ Prepare the entry to record payment of the note at maturity

On March $1,$ Mena Company borrows $$150,000$ from High Country Bank by signing a

$120-$day, with a discount rate $8\%,$ Note Payable.

Instructions

Prepare the necessary entries below associated with the note payable on the books of

Mena Company.

$($a$)$ Prepare the entry on March $1$ when the note was issued.

$($b$)$ Prepare the entry to record payment of the note at maturity