(Answered) Question - turner corporation borrowed 50000 on november 1

Accounting

Question - Turner Corporation borrowed $50,000 on November 1, 2013, by signing a $51,125, 3-month, zero-interest-bearing short-term note payable due on February 1, 2014. Turner amortizes discounts using the straight-line method and is on a calendar year. Turner does not use reversing journal entries. Omit journal entry explanations.

Required:

1. Prepare the journal entry on November 1, 2013.

2. Prepare the journal entry on December 31, 2013.

3. Prepare the journal entry on February 1, 2014.

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