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Prepare the journal entry needed to record the issuance of

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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Accounting Basics: Prepare the journal entry needed to record the issuance of

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