Question: Question 4 (6 points) On June 1, ACME Ltd. borrows $60,000 on a six-month, 5% note. Interest and principal are to be paid at

Question 4 (6 points) On June 1, ACME Ltd. borrows $60,000 on

Question 4 (6 points) On June 1, ACME Ltd. borrows $60,000 on a six-month, 5% note. Interest and principal are to be paid at maturity. Adjusting entries are prepared annually on the June 30 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) Paragraph B I U GENERAL JOURNAL DATE ACCOUNT TITLES + v DEBIT CREDIT

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