Wygant Corporation borrowed $290,000 on October 1, 2011. The note carried a 10 percent interest rate with

Question:

Wygant Corporation borrowed $290,000 on October 1, 2011. The note carried a 10 percent interest rate with the principal and interest payable on May 1, 2012. Prepare the journal entry to record the note on October 1. Prepare the adjusting entry to record accrued interest on December 31.

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...