(Answered) Question - on february 1 lizards libations purchased a

Accounting

Question - On February 1, Lizard's Libations purchased a frozen drink machine from Brownlee Enterprises. The $14,000 machine was purchaed by siging a five month (12% annual rate) note. Interest is accured monthly but all interest and principal will be paid upon the maturity of the note.

Prepare the June 30 journal entry for Lizard's Libations capturing the repayment of the entire note and interest. Assume the Lizard has been accruing interest monthly.

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