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2 Journal Entry for Note Payable. - A) On November 1, California Cruising borrows $4 million and issues a 6 month, 6% Note Payable. Interest

2 Journal Entry for Note Payable. - A) On November 1, California Cruising borrows $4 million and issues a 6 month, 6% Note Payable. Interest is due at maturity. Record the acceptance of the note. Debit Credit B) Now record the appropriate Adjusting Entry for this Note Payable for interest owed December 31, the end of the accounting period. Accounting 116A: Test Chapters 8 & 9 Page 1 of 3

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