Prepare the journal entry to record issuance of the note payable on October 31, year 1 and the adjusting entry to accrue interest on the note at December 31, year 1. (Assume adjusting entries are made monthly.) adjusting entries are made monthly. Principal and total interest to be paid on the maturity date. Debits must be recorded before credits. 

Answer rating: 100% (QA)

To record the issuance of the note payable on October 31 year 1 and the adjusting entry to accrue in... View the full answer