Notes payable and intereston july 1 2014 jos flower shop, Ask an Expert

Accounting

Notes Payable and Interest

On July 1, 2014, Jo's Flower Shop borrowed $25,000 from the bank. Jo signed a ten-month, 8% promissory note for the entire amount. Jo's uses a calendar year-end.

Required

1. Prepare the journal entry on July 1 to record the issuance of the promissory note.

2. Prepare any adjusting entries needed at year-end.

3. Prepare the journal entry on May 1 to record the payment of principal and interest.

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Accounting Basics, Accounting

Category:- Accounting Basics
Reference No.:- M91624055

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