M10-6 (Algo) Recording Notes Payable [LO 10-2] Part 2 Skip to question [The following information applies to the questions displayed below.] Greener Pastures Corporation borrowed $1,250,000 on November 1, 2021. The note carried a 9 percent interest rate with the principal and interest payable on June 1, 2022. (a) The note issued on November 1. (b) The interest accrual on December 3
M10-6 (Algo) Recording Notes Payable [LO 10-2] Part 2 Skip to question [The following information applies to the questions displayed below.] Greener Pastures Corporation borrowed $1,250,000 on November 1, 2021. The note carried a 9 percent interest rate with the principal and interest payable on June 1, 2022. (a) The note issued on November 1. (b) The interest accrual on December 3
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
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M10-6 (Algo) Recording Notes Payable [LO 10-2] Part 2
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[The following information applies to the questions displayed below.]
Greener Pastures Corporation borrowed $1,250,000 on November 1, 2021. The note carried a 9 percent interest rate with the principal and interest payable on June 1, 2022.
-
(a) The note issued on November 1.
-
(b) The interest accrual on December 31.
Transcribed Image Text:2. Prepare the journal entries related for the above transactions. (If no entry is required for a transaction/event, select "No
Journal Entry Required" in the first account field. Do not round intermediate calculations.)
No
Date
General Journal
Debit
Credit
November 01, 202 Cash
1
1,250,000
Notes Payable (long-term)
1,250,000
2
December 31, 202 Interest Expense
18,750
Interest Payable
18,750
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