b) Prepare the adjusting entry on June 30.

c) Prepare the entry at maturity (December 1), assuming monthly adjusting entries have been made through November 30.

d) What was the total financing cost (interest expense)?

Exercise 10-2 (Part Level Submission) On June 1, Merando Company borrows $143,250 from First Bank on a 6-month, $143,250, 8% note. (a) Prepare the entry on June 1. (Credit account titles are automatically indented when amount is Date Account Titles and Explanation Debit Credit June 1