Hive company borrows 90000 on july 1 from the bank by, Accounting Basics

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Hive company borrows 90000 on july 1 from the bank by

Question: Hive Company borrows $90,000 on July 1 from the bank by signing a $90,000, 7%, 1-year note payable. Prepare the journal entries to record

(a) the proceeds of the note and

(b) accrued interest at December 31, assuming adjusting entries are made only at the end of the year.

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Accounting Basics: Hive company borrows 90000 on july 1 from the bank by

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