Journal entries for notes payable, interest expense etc.
On Nov. 1, Aspen Sports borrowed $75,000 from Chase Bank on a 12%, 90-day note payable.
a. Prepare Aspen Sports' general journal entry to record the issuance of the note payable.
b. Prepare the needed adjusting entry at December 31 (assuming no adjustments thus far)
c. Prepare Aspen Sports' general journal entry to record the payment of the note at maturity.