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Adam Co. borrows $250,000 cash on November 1, 2021, by signing a 90 -day, 9% note with a face value of $250,000. Required: Prepare journal

image text in transcribed Adam Co. borrows $250,000 cash on November 1, 2021, by signing a 90 -day, 9% note with a face value of $250,000. Required: Prepare journal entries to record 1. issuance of the note, 2. accrual of interest at December 31, 2021 3. payment of the note at maturity. (When the note is due)

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