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During 2021. Blossom Company borrowed cash from Azores Enterprises by issuing notes payable as follows: 1 March 31, 2021, issued a one-year, 3.6% note for
During 2021. Blossom Company borrowed cash from Azores Enterprises by issuing notes payable as follows: 1 March 31, 2021, issued a one-year, 3.6% note for $150,000. Interest is payable quarterly, on June 30, September 30, and December 31, 2021, and March 31, 2022. Principal is payable at maturity. 2. June 1, 2021, issued a nine-month, 4.2% note for $78,000. Interest and principal are payable at maturity. 3. September 1, 2021, issued a three-month, 5.6% note for $21,000. Interest is payable monthly on the first day of the month. Principal is payable at maturity. Both Blossom and Azores prepare adjusting entries on an annual basis. Blossom has a September 30 fiscal year end. Azores' fiscal year end is October 31
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