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1 Rainbow Paints On November 7, Rainbow Paints borrows $165,000 cash by signinng a 90-day, 10%, $165,000 note payable. Requirements: Round all answers to the
1 Rainbow Paints On November 7, Rainbow Paints borrows $165,000 cash by signinng a 90-day, 10%, $165,000 note payable. Requirements: Round all answers to the nearest dollar. 1. Calculate the total interest to be paid on this note. 2. Provide the journal entry recorded on the date the note was issued. 3. Provide the necessary adjusting entry at December 31. 4. Provide the date and journal entry made when the note matures. Assume the year of maturity is not a leap year. Edit View Insert Format Tools Table 12pt Paragraph B I 1. Principal xRate 165,000 10% 2. table tbody trtd T xtime =Interest 90/360 4125 10 words O pts
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