(Answered) Only july 1 1999 bobbys car repair shop borrowed 50000 from

Accounting

Only July 1 1999, Bobby's Car Repair Shop borrowed $50,000 from the bank. Bobby, the owner signed an 8%, 10-month interesting bearing note and promised to repay the note plus interest at maturity date. Bobby's uses a calendar year-end (December 31).

Record the note on July 1, the adjustment at end of calendar year, and the repayment of the note in 10 months. (Assume the 8% is an annual rate of interest).

Assets = Liabilities +Equity +Revs. -Exps

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