INTEREST-BEARING NOTE Bordewick Company borrowed $120,000 on a seven-month, 9 percent, interest-bearing note on October 1, 2009.

Question:

INTEREST-BEARING NOTE Bordewick Company borrowed $120,000 on a seven-month, 9 percent, interest-bearing note on October 1, 2009. Bordewick ends its fiscal year on December 31.

The note was paid with interest on April 30, 2010.

Required:

. Prepare the entry for this note on October 1, 2009.

. Prepare the adjusting entry for this note on December 31, 2009.

. Indicate how the note and the accrued interest would appear on the balance sheet at December 31, 2009.

. Prepare the entry to record the repayment of the note on April 30, 2010.

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