Prepare entries for an interest-bearing note payable, Accounting Basics

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Prepare entries for an interest-bearing note payable

Prepare entries for an interest-bearing note payable. Peralta Company borrows $60,000 on July 1 from the bank by signing a $60,000, 10%, one-year note payable. Prepare the journal entry to record the proceeds of the note. Prepare the journal entry to record accrued interest at December 31, assuming adjusting entries are made only at the end of the year.

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Accounting Basics: Prepare entries for an interest-bearing note payable

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Accounting Basics: Prepare entries for an interest-bearing note payable

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