Wellington company had the following transactions involving, Finance Basics

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Wellington company had the following transactions involving

Question: Wellington Company had the following transactions involving notes payable.

Nov. 1, 2010 Borrows $90,000 from Olathe State Bank by signing a 3-month, 10% note.

Dec. 31, 2010 Prepares the adjusting entry.

Feb. 1, 2011 Pays principal and interest to Olathe State Bank.

Prepare journal entries for each of the transactions.

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Finance Basics: Wellington company had the following transactions involving

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Finance Basics: Wellington company had the following transactions involving

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