Sandy Catering approached the president of CoCo for a loan. Sandy asked to borrow $60,000 to help her company through a recession period. CoCo agreed to loan $60,000 to Sandy for six months at 5% interest. On October 1, 2023, Sandy signed a promissory note for the amount, promising to repay the funds plus interest on March 31, 2024. CoCo has a January 31 year end and the note will be repaid with interest on March 31, 2024. 

What is the journal entry for the year end of 2023?

Answer rating: 100% (QA)

Answer The journal entry at the yearend of 2023 for CoCo would be as follows D... View the full answer