Recording a note payable greener pastures corporation, Accounting Basics

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Recording a note payable greener pastures corporation

Question: Recording a Note Payable Greener Pastures Corporation borrowed $1,000,000 on November 1, 2008. The note carried a 6 percent interest rate with the principal and interest payable on June 1, 2009. Prepare the journal entries and show the accounting equation effects for

(a) the note issued on November 1,

(b) the interest accrual on December 31, and

(c) the interest and principal payments on June 1, 2009.

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Accounting Basics: Recording a note payable greener pastures corporation

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