On November 7, 2005, Ortez Company borrows $150,000 cash by signing a 90-day, 8% note payable with

Question:

On November 7, 2005, Ortez Company borrows $150,000 cash by signing a 90-day, 8% note payable with a face value of $150,000. (1) Compute the accrued interest payable on December 31, 2005, (2)

prepare the journal entry to record the accrued interest expense at December 31, 2005, and (3) pre¬

pare the journal entry to record payment of the note at maturity. mky7

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