The following information pertains to Geo Ltd. In 2020 the company entered into new borrowings using short-term notes payable. On June 30, they borrowed $12,100 that they planned to use to purchase new office equipment, the interest rate on the note was 8% with both interest and principal repayable in 6 months (December 31^st). On October 1^st, the company financed the purchase of a used vehicle costing $53,000 using a 12 month note payable at 10% with interest payments due quarterly and the principal amount due at maturity. The company`s year end is December 31^st.

Record the journal entries for the issuance of both notes and any interest entries that need to be made up to and including December 31, 2020. Assume that no interest expense was accrued during the year. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No entry" for the account titles and enter 0 for the amounts.)

Date	Account Titles and Explanation	Debit	Credit
June 30
October 1
December 31
	(To record interest and principal repayable amount)
December 31
	(To record accrual of interest)

Answer rating: 100% (QA)

Date Account titles and explanation Debit Credit Jun30 Cash 12100 Notes Payable To reco... View the full answer