Question: Question 3 (6 points) Saved On June 1, 2022 Clyde Co. borrows $65,000 on a six-month, 6% note. Interest and principal are to be

Question 3 (6 points) Saved On June 1, 2022 Clyde Co. borrows

Question 3 (6 points) Saved On June 1, 2022 Clyde Co. borrows $65,000 on a six-month, 6% note. Interest and principal are to be paid at maturity. Adjusting entries are prepared annually on the June 30, 2022 year end. Required: 1. Prepare the journal entry on issuance date. (1 mark) 2. Prepare the year end adjusting journal entry. (1.5 marks) 3. Prepare the journal entry at maturity date. (3.5 marks)

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