May 21 obtained a 60-day extension on a 36000 trade account, Ask an Expert

Accounting

Alhara Corporation, whose fiscal year ended June 30, 20xx, completed the following transactions involving notes payable:

May 21 Obtained a 60-day extension on a $36,000 trade account payable owed to a supplier by signing a 60-day, $36,000 note.

June 30 Made the end-of-year adjusting entry to accure interest expense.

July 20 Paid off the note plus interest due the supplier.

Prepare the Journal entries for above transactions.

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