Takemoto Corporation borrowed $60,000 on November 1, 2014, by signing a $61,350, three-month, zerointerest-bearing note. Prepare Takemoto's

Question:

Takemoto borrowed $60,000 on November 1, 2014, by signing a $61,350, three-month, zerointerest-bearing note. Prepare Takemoto's November 1, 2014 entry; the December 31, 2014 annual adjusting entry; and the February 1, 2015 entry.
Corporation
A Corporation is a legal form of business that is separate from its owner. In other words, a corporation is a business or organization formed by a group of people, and its right and liabilities separate from those of the individuals involved. It may...