On september 1 2015 ensign inc borrowed 21000 from emerald, Financial Accounting

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On september 1 2015 ensign inc borrowed 21000 from emerald

On September 1, 2015, Ensign Inc. borrowed $21,000 from Emerald City National Bank by issuing a 12-month note. The bank discounted the note at 7.5%.

REQUIRED:

1. Prepare the journal entry needed to record the issuance of the note.

2. Prepare the journal entry needed at December 31, 2015, to accrue interest.

3. Prepare the journal entry to record the payment of the note on September 1, 2016.

4. What effective rate of interest did Ensign pay?

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Financial Accounting: On september 1 2015 ensign inc borrowed 21000 from emerald

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Financial Accounting: On september 1 2015 ensign inc borrowed 21000 from emerald

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